EV startup Euler Motors enters LCV market with 2 models

Electric commercial vehicle startup Euler Motors on Wednesday forayed into the four-wheeler light commercial vehicle (LCV) segment by launching two models.

The Storm EV LongRange 200, priced at ₹12.99 lakh (ex-showroom Delhi), has a 30kWh battery for intercity usage, the company says. The Storm EV T1250, priced from ₹8.99 lakh, is for intracity usage. Both models come with a 1,250 Kg payload capacity.

The company claims its Storm EV LongRange 200 is the first vehicle in this segment designed for intercity use, offering a range of 200 kms to enable cargo mobility between nearby cities. It comes with CCS-2 fast charging capability, offering a 100 Km range in 15 minutes of charging, the company claims.

The Storm EV T125 offers a range of 140 kms and comes with the DC-001 fast-charging protocol which provides 100 kms range in 30 minutes of charging, Euler says. It comes in two variants – to carry dense or regular loads. The 'armoured' variant, for dense loads such as mortar, wood and heavy cylinders, sports a 4 mm armoured skateboard chassis. The LCV also comes with front and reverse camera collision alert capabilities.

Customers want to maximise earnings without paying a massive premium over ICE vehicles, says Saurav Kumar, founder and CEO of Euler Motors.

"We are present in 31 cities. In the last 3 years, we have sold close to 6,000 vehicles," says Kumar. On the road to profitability, Kumar says it is a journey that takes a lot of time. "It's capital intensive. You have to set up a large-scale factory. You have to invest in R&D," he says. "Our burns are very similar over the last two years but revenue has been growing. In the next couple of years, we should be able to achieve profitability."

Euler Motors has a manufacturing facility in the industrial hub of Palwal, Haryana. In FY24, the company sold 3,700 electric three-wheelers and expanded its presence from 5 to 22 cities. The company says its plant, built with an investment of ₹100 crore, has a production capacity of 36,000 vehicles annually.

Founded in 2018, Euler Motors is focused on electric commercial vehicles for last-mile cargo delivery.

In May, Euler Motors, announced the closure of its Series C funding round, raising an additional ₹200 crore. Investors including British International Investment, the UK’s development finance institution and impact investor, Blume Venture and new investor Piramal Alternatives India Access Fund led this round's fresh infusion of funds. The company has raised ₹570 crore in total from investors in Series C. Till now, Euler Motors has successfully raised an amount of ₹770 crore.

Euler Motors plans to utilise the fresh infusion of capital to further scale its presence and servicing infrastructure and establish a presence in over 40 cities by FY25.