euler motors The funds raised from this capital will be used by the company to enhance its manufacturing and supply chain infrastructure, accelerate product development, and enhance talent across key functions across the organization. The company aims to increase production to 1,000 units per month.
The company will also invest in expanding its distribution network and brand building. With this, Euler Motors plans to expand its retail presence to 12 new markets by the end of this fiscal.
The company supplies electric cargo three-wheelers to e-commerce brands like Flipkart and BigBasket, as well as its individual retail. hyload EV It costs Rs 4.03 lakh in Delhi for a full-load body (prices will vary depending on state subsidy and body style and variant).
“The time for electric mobility in India is now, and we aspire to be a leading player in the growing Indian Electric Commercial Vehicle segment. Our vision is not only to develop industry-leading products, but also the ecosystem to support the EV transition.” Saurav KumarEuler Motors founder and CEO said.
“We are proud to welcome GIC, one of the world’s leading investors, to our cap table. This investment gives Euler Motors an opportunity to drive the electrification of commercial mobility in India by expanding our manufacturing capacity, expanding distribution footprint. Will fuel our ambition to establish itself as a pioneer. Strengthening the team to provide our customers with a delightful experience.”
Last year, Euler Motors launched the HiLoad EV, India’s most powerful electric cargo three-wheeler with an industry-leading payload capacity of 688 kg, a top-end range of 151 km and a 12.4 kWh proprietary liquid-cooled battery pack. HiLoad EV has an order book of 9000+ units. Euler Motors has also established a charging network with multiple charging options, and also provides financial services to its customers.