Euler Motors commenced its retail deliveries of its HiLoad EV in January 2022 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.
Euler Motors and Three-wheelers united partnership
Electric Vehicle maker Euler Motors has partnered with Three Wheels United (TWU), a Bengaluru-based tech-enabled financier of light electric vehicles to accelerate the adoption of electric three-wheelers in India. As a part of the partnership, TWU and Euler Motors will deploy over 1000 EV 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2023. The Euler HiLoad EV has a 12.4 kWh liquid-cooled battery pack with a certified range of 151km. It also has a payload capacity of 688 kg. With these specifications, the electric three-wheeler is not only the most powerful in its segment, but it also has the highest payload capacity in its class.
“Access to easy financing is a critical market enabler for India to make a large-scale EV transition. Euler Motors and Three Wheels United, both, are committed to solving these EV ecosystem issues from the ground up. Three Wheels United is an expert financier in the electric CV space, and their proven success with their tailor-made and flexible EV financing solutions is already elevating the EV segment. We are excited to partner with Three Wheels United and execute our common vision of zero-emission logistics and sustainable business operations.
This partnership will help us drive the faster deployment of our customer order book of 3500 HiLoads with the required financing solutions. Euler Motors will continue to prioritize partnering with other players in the ecosystem who are accelerating the adoption of electric commercial EVs in India. At a user level it also unlocks entrepreneurial opportunities, to empower drivers, provide them the required financial assistance and reap steady returns from EV operations”, said Saurav Kumar, Founder, and CEO, Euler Motors.