Euler Motors, an electric vehicle company, has tied up with Magenta, an integrated clean energy and electric mobility solutions provider, to deploy 1000 HiLoad EVs, India’s most powerful 3wheeler cargo vehicle. Magenta will deploy these EVs in Bangalore followed by other regions over the next 12 months. The new HiLoad deployments will constitute multiple segments and customer applications including e-commerce, food delivery, pharma & other last-mile logistics clients.
Official statements
Saurav Kumar, Founder, and CEO, Euler Motors, said, “Euler Motors is already on its pursuit to bring a real change in EV adoption and aggressively expand its footprint to drive zero-emission logistics in India. Magenta and Euler Motors are well-aligned with each other, both founded on a premise to create a clean energy ecosystem in India with segment-first innovation and solutions; we’re happy to be partnering with Magenta to deploy our highly powered HiLoad EVs for sustainable transportation. This partnership is a testimony to our thriving vision, and of HiLoad’s unique value proposition which sets it apart in the industry. With the growing customer confidence, we intend to make our EVs more accessible and strengthen our presence in new markets and delivery hubs of southern India.’
“Magenta’s mission has always been to enable clean mobility. We are thrilled to be adding an environmentally friendly electric fleet to address the ever-increasing need for last-mile logistics and transportation. Our strong intention is to assist e-commerce and logistics enterprises in scaling up while keeping their sustainability and cost-effectiveness goals in mind” said Darryl Dias, Co-founder & Director of Magenta.
Euler Motors: In the news
Euler Motors commenced its retail deliveries of its HiLoad EV in January 2022 and plans to close the current financial year with revenue of INR 20 crores. The brand will expand its footprint in 12 new markets in the next fiscal including key delivery hubs like Bangalore, Chennai, Chandigarh, Jaipur, Hyderabad, and Kolkata among others. These deployments will span across in next 18 months with the company’s aim to capture around 20% market share by 2025. The company has set a target to achieve INR 300 crore revenue by the end of FY23 and plans to deploy 8,500 units of HiLoad on road by FY23.