The upcoming EV will offer a payload of over 1,000 kg and cater to cost-effective and high-performance inter-and intra-city transportation solutions
Earlier this year, the startup concluded its Series C round with an additional funding of INR 200 Cr. This took the total round size to INR 570 Cr
Euler Motors’ net loss widened to INR 168.7 Cr in FY23, while sales more than doubled year-on-year to INR 49 Cr
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Commercial three-wheeler electric vehicle (EV) manufacturer Euler Motors plans to enter the small commercial vehicle (SCV) segment with the launch of its first four-wheeler EV in the festive season.
In a statement, the startup said that the EV will offer a payload of over 1,000 kg and meet the growing demand for cost-effective and high-performance inter-and intra-city transportation solutions.
Euler Motors said that the vehicle will offer long driving range and thoughtful design ergonomics to enhance the driving experience and allow real-time fleet management.
Commenting on the announcement, Euler Motors founder and CEO Saurav Kumar said, “Our study of retail and institutional customers in the SCV segment reveals that a significant number are eager to switch to or purchase EVs that deliver high performance, extended range, and advanced features… This new 4W vehicle is a milestone, as it will meet all these criteria, making it the perfect, trustworthy companion for both long and short cargo transportation journeys.”
With the launch of the new vehicle, Euler Motors is eyeing a share in the country’s SCV market, which is pegged to become INR 34,900 Cr opportunity by 2022.
Founded in 2018 by Kumar, Euler Motors flagship electric cargo three-wheeler HiLoad EV offers a 170-km range.
In May this year, the startup concluded its Series C round with an additional funding of INR 200 Cr (around $24 Mn). The startup said it raised INR 570 Cr from Blume Ventures, British International Investment, Piramal, among others in the round.
Euler Motors claimed to have sold 3,700 vehicles and expanded its presence to 22 cities in FY24.
The startup competes with the likes of Piaggio, Mahindra, and Altigreen Propulsion Labs in the electric three-wheeler segment.
Euler Motors saw its net loss widen to INR 168.7 Cr in the financial year 2022-23 (FY23) from INR 37 Cr loss in the prior fiscal. Meanwhile, sales more than doubled to INR 49 Cr from INR 17.5 Cr in FY22.
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