- Scottish electric vehicle manufacturer, Munro Vehicles, has recently received an additional £1m in capital from the already-invested Elbow Beach Capital firm, enabling it to begin production of its first EV, the Series-M.
- The move marks the first sign of mass-produced car production in Scotland for over forty years, since the Linwood car plant closed back in 1981.
- The utilitarian electric SUV is available in both truck and hard top form, with a body shape reminiscent of the original Land Rover Defender.
Car production returns to Scotland in EV format
The £1m investment granted from Elbow Beach Capital brings the total figure invested by the firm up to £1.7m, making it the most significant backer for the Scottish EV firm. Munro Vehicles has begun production testing on a smaller scale at a site in East Kilbride, but this fresh boost of investment has led the company to announce that production vehicles will begin delivery to its first customers in the first quarter of 2024. With production numbers increasing, the company is reviewing potential larger production sites.
Over £68m worth of orders have been placed by customers already, the most significant coming from Jakob Mining Vehicles – who will take delivery of 900 Munro EVs over the next five years, a deal worth over £50m. Prices for the Munro M170 and more powerful M280 start at £75,995 and £89,995 respectively.
Speaking on the development, Jon Pollock, CEO of Elbow Beach Capital, said:
“This is a huge achievement for Munro. The company has achieved significant scale-up progress over the last 12 months, which is reflected in a material customer pipeline and orders. There is a notable gap in the market for high quality, durable, off-road electric 4×4 vehicles for demanding industries and the completion of the Series-M Utility positions Munro as the go-to provider of 4x4s for big sectors such as mining, construction, and agriculture.