Scottish maker of electric 4x4 car gets funding boost on road to 2,500-a-year production goal

Munro Vehicles was founded in 2019 to manufacture the “world’s most capable all-electric 4x4”.

A Scottish maker of electric off-road vehicles has completed its first production model and secured a fresh £1 million funding boost.

Munro Vehicles ranks as Scotland’s only “volume production” car company and plans to build 50 vehicles by mid 2024 before shifting to a new purpose-built site near Glasgow later in the year and creating as many as 300 jobs. It has a “strategic roadmap” to deliver 2,500 units annually by 2027. The firm recently completed its first production model, the Series-M 4x4 Utility, just 12 months after unveiling its first prototype model.

Bosses said the business has secured a £68m-plus customer pipeline and vehicle orders from Jakob Mining Vehicles, one of the largest distributors of specialist vehicles for the mining sector, and Morgan Sindall Infrastructure, the civil engineering contractor. In a further boost, Elbow Beach Capital has announced a £1m follow-on investment in the company. This takes Elbow Beach’s commitment to Munro to £1.7m-plus and it remains the car firm’s largest single investor.

The Munro is engineered to be simple and low-cost to maintain, with the extensive use of existing components.

Munro’s forthcoming production model debut will mark the return of light vehicle production to Scotland for the first time since the closure of the Linwood car plant in 1981.

Chief executive and co-founder Russell Peterson said: “Munro’s roadmap will enable it to capitalise on its global market opportunity while also making a significant contribution to the Scottish economy. Munro appreciates the support of Elbow Beach Capital in helping us to scale.”

Elbow Beach Capital chief executive Jon Pollock 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 4x4 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.

“Elbow Beach is committed to supporting businesses that revolutionise industries and Munro is an excellent example of our thesis. We are looking forward to seeing the first production model roll off the production line in Scotland in the new year and look forward to continuing to support Munro over the next stages of their growth.”

The mining industry is responsible for up to 7 per cent of global greenhouse gas emissions. Reducing the carbon intensity of the industry is seen as being of significant importance in the transition to a net zero economy. Munro has signed an exclusive partnership with Jakob Mining Vehicles (JMV) in an agreement worth in excess of £50m to provide the company with some 900 vehicles over the next five years, all designed specifically for the mining industry’s demanding needs. The Munro Series-M will enable JMV to electrify its operations and reduce its overall carbon footprint.

Munro has also signed an agreement with UK civil engineering contractor Morgan Sindall Infrastructure for 30 vehicles. Shipping is expected to begin during the first quarter of 2024. Achieving scale-up will allow Munro to increase production capacity with a view to producing 5,000 units by 2027.

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