Euler Motors forays into LCV segment; drives in two electric models

Don't want to miss the best from Business Standard?

Electric vehicle maker Euler Motors on Wednesday forayed into the light commercial vehicle segment with the introduction of two electric four-wheelers developed to cater to multiple customer requirements.

The company, which currently sells electric three-wheelers, has introduced two Storm EV trims specifically developed to cater to inter and intra city requirements.

In an interaction with PTI, Euler Motors Founder and CEO Saurav Kumar noted that electric volumes currently account for less than one per cent of the overall small commercial vehicles (SCV) sales in the country.

He noted that the company would like to grow the overall electric SCV segment and then push for market share similar to the one it has in the electric three-wheeler vertical.

"In three-wheelers, we have been able to take 20 per cent market share in the cities where we operate. We would like to take a similar kind of percentage even in the small commercial vehicle vertical," Kumar stated.

Euler will first introduce the two new models in seven major cities like Delhi, Chennai, Mumbai and Hyderabad and later introduce the products in various other cities where it operates currently, he said.

The company also plans to enhance customer touchpoints moving ahead, Kumar said.

Euler currently operates around 48 touchpoints, a combination of both company-owned and franchise dealerships.

Introduced at an ex-showroom price of Rs 8.99 lakh, the Storm EV T1250 - made for intracity use comes with a driving range of around 140 kilometres on a single charge with a payload capacity of 1,250 kg.

The Storm EV LongRange 200, meant for intercity usage, is priced at Rs 12.99 lakh. It comes with similar payload capacity but with a better range of 200 kms in a single charge.

Both products come with ADAS technology and various other features, including night vision assist, Kumar said.

The SCV range would be produced at Euler's Palwal-based (Haryana) manufacturing facility.

In May this year, Euler announced fund raising of Rs 200 crore in the series C funding round.

Existing investors like British International Investment, Blume Venture and new investor Piramal Alternatives India Access Fund led this round's fresh infusion of funds, the company said in a statement.

When asked if the company plans to come up with an IPO, Kumar said: "Every founder wants to build a company that makes an impact, generates returns for the shareholders and the board members. So it's something that you definitely look forward to, but it's still early in our journey."

"Right now we are launching the product. We would want to grow this segment and then hopefully over a period of time, think about it," he added.