Electric vehicle (EV) maker Euler Motors, which entered the commercial segment with HiLoad EV, a cargo three-wheeler with one of the largest payload capacities in the segment, claims that e-CVs (vehicles utilities) should perform exactly like their internal combustion engine (ICE) counterparts. “CV clients are extremely performance oriented. Until it matches a particular performance level and delivers the promised load, you cannot use it commercially. Until now, commercial electric vehicles have been substandard products and this has given customers a bad taste, ”Saurav Kumar, founder and CEO of Euler Motors told Business Today.
Kumar said that while the brand is an important factor in a customer’s mind, ultimately performance is what matters most. Even though historical players like Tata Motors and Volvo exist in the market, the three-year-old startup has already forged relationships with major e-commerce companies. “When we started in 2018, we wanted to bring a great product and not just an electric product with superior performance than ICE vehicles. It’s not the other way around that people want to buy an EV and will compromise on performance and efficiency. We have already received 2,500 orders from e-commerce companies like Flipkart, Bigbasket, Udaan and others, “he said. The company plans to take next year to grow in the consumer goods, utilities and pharmaceutical sectors.
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One of the things, says Kumar, that Euler is focusing on is the electrification of the entire lightweight CV segment. “One factor that almost every other OEM (original equipment manufacturer) lacked was the ecosystem. This is where we differentiated ourselves. We have a network of 200 charging systems in Delhi alone. NCR, ”he said.
The industry is facing a global semiconductor shortage and rising raw material prices. “It hit our margins. Last year our factory was closed for almost five months and our supplies were also shut down. All of these challenges deterred us from expanding. But it’s all behind us. We are already producing. 100 units per month. In a year, we want to increase that number to 1,000 vehicles per month, ”he said.
Kumar expects electrification to enter up to 25% of the market by FY25. “I see a tipping point by FY25 and then it will grow exponentially. Over the next 2 years we will focus more on the domestic, but after that we will also look at export opportunities. “, did he declare.
He wants Euler’s HiLoad and other launches to cover 36 cities in the next 2-3 years. The electric vehicle has a 12.4 kWh battery and a certified range of 151 km on a single charge. Euler’s new “Charge on Wheels” mobile service station will provide charging and service to the vehicle at any location or point of failure. The vehicle was launched with three new advanced charging variants: domestic or on-board chargers supplied with the vehicles; Lightning chargers that can recharge 50 km in 15 minutes and Charge on Wheels. It aims to put 5,000 units into circulation by FY 23 and plans to expand into new markets such as Mumbai, Bangalore, Chennai, Hyderabad and Pune.
Since its inception, the company has raised $ 11.3 million from ADB Ventures, Blume Ventures, Inventus Capital India, Jetty Ventures, including repeat investments from other investors.
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