Electric vehicle manufacturer Euler Motors has entered the light commercial vehicle (LCV) sector with the launch of two electric four-wheelers, designed to meet a variety of customer needs. Known for its electric three-wheelers, the company has now introduced two versions of the Storm EV, targeting both intra-city and inter-city transport requirements.
Euler Motors Founder and CEO Saurav Kumar acknowledged that electric vehicles currently account for less than 1% of the small commercial vehicle (SCV) sales in India. The company aims to grow the overall electric SCV market before capturing a significant share, similar to its success in the electric three-wheeler segment.
“In the three-wheeler space, we have achieved a 20% market share in the cities where we operate. We aim to capture a similar share in the small commercial vehicle segment,” Kumar said.
Euler will roll out the new models in seven key cities, including Delhi, Chennai, Mumbai, and Hyderabad, before expanding to other locations where it currently operates. The company also plans to increase its customer service touchpoints, which currently include 48 locations consisting of both company-owned and franchise dealerships.
New Models and Features
The two models include the Storm EV T1250, priced at ₹8.99 lakh, tailored for intra-city use with a driving range of 140 km per charge and a payload capacity of 1,250 kg. The second model, the Storm EV LongRange 200, is priced at ₹12.99 lakh and offers a range of 200 km per charge while maintaining the same payload capacity. Both models feature ADAS (Advanced Driver Assistance Systems) technology and additional features like night vision assist. These electric LCVs will be manufactured at Euler’s facility in Palwal, Haryana.
Investment and Future Plans
In May 2023, Euler Motors raised ₹200 crore in a Series C funding round, with contributions from investors like British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund. When asked about plans for an Initial Public Offering (IPO), Kumar stated that while it is an eventual goal, the company’s current focus is on expanding the electric SCV segment. “Every founder dreams of building a company that delivers impact and value to shareholders. But for now, our priority is growing this segment before considering an IPO,” he added.
