| Can you share the journey of Euler Motors since its inception in 2018? What were some of the key challenges and milestones?
Euler Motors was founded in 2018 with a single-minded focus of combating the rising pollution levels by accelerating India’s transition to sustainable mobility.
In the early years, we concentrated on raising awareness about the benefits of commercial 3-Wheeler EVs and conducted pilots with key institutional partners such as BigBasket and Udaan to seamlessly integrate our vehicles into their fleets. These initiatives offered valuable insights into payload capacity, vehicle performance across diverse conditions, and driving range, enabling us to refine our offerings to better meet customer needs.
In October 2021, we launched our 3-Wheeler Cargo, marking our transition into a leading automotive OEM specializing in commercial EVs. Our flagship product, the HiLoad EV, uniquely designed for India, from India, with payload capacity of 688 kgs, a real-world range of 110-120 km and peak torque of 88.55 Nm, tailored for superior performance and durability in India’s challenging road and weather conditions. In India, Euler Motors is the first player in the commercial segment to provide liquid cooling technology in battery packs, which allow the vehicle to withstand ambient temperatures and offer a long-lasting battery life.
Throughout our journey, Euler Motors has achieved substantial growth. We expanded from 5 to 22 cities in the FY 24, selling 3,700 vehicles and ranking among India’s top 5 EV OEMs by sales. We have also secured substantial investments to bolster manufacturing infrastructure and service capabilities.
- What are the key requisites for creating a localised EV value chain that can outperform internal combustion engine (ICE) vehicles?
To establish a localized EV value chain that surpasses ICE vehicles, prioritizing lightweight, high-strength auto components designed specifically for EVs is essential. Unlike ICE vehicles, EVs demand components that enhance their performance and efficiency, which include advanced materials, efficient cooling systems, and specialized electronic controls. India’s established mechanical supply chain is expanding with the growth of the EV industry, focusing on developing new supply chains for batteries, drivetrains, and power electronics.
Component players need to be agile, deeply focused on innovation, and ready to adapt to the unique challenges and opportunities of EV manufacturing. We have seen tremendous support from local component suppliers. OEMs should strengthen their collaboration with suppliers, guiding them to develop globally competitive products. At Euler Motors, we leverage a robust network of over 300 suppliers who evolve alongside us in this sector.
Going forward, enhancing battery assembly through innovation, automation, and standardization is crucial for scaling up vehicle production with consistent quality output. There is an urgent need for indigenous production of EV cell technologies and semiconductors to reduce dependency and make it more affordable.
- What industry trends are you observing in the EV and battery production sectors?
In the commercial EV segment, there’s a strong trend toward advancing technology to surpass ICE vehicle performance, driven by innovations in battery energy density, payload capability, enhancing range, and charging speed. Increasing consumer awareness of EV benefits, along with government regulations are boosting EV demand. Businesses transitioning to EVs are investing in fleet management technologies to optimize vehicle performance, reduce downtime, as well as operational costs Currently dominated by lithium-ion batteries, the market sees continuous research aimed at enhancing their energy density, charging speeds, and affordability. Automakers are actively investing in advanced lithium-ion technologies to extend vehicle ranges and decrease charging times. Moreover, fast-charging options address range anxiety and ensure vehicles spend more time on the road.
Additionally, trends such as 5G connectivity, edge computing, and AI integration are revolutionizing fleet management in the commercial segment, enabling predictive maintenance and ensuring efficient operations with enhanced safety. Euler Motors leverages these trends with solutions like Euler Shepherd, offering real-time tracking and predictive maintenance.
- Can you provide insights into the investment Euler Motors has made towards manufacturing EVs? Are there any plans to increase this investment further?
Euler Motors has invested INR 150 crores to set up its manufacturing facility, covering 12 acres in the Delhi NCR region. The facility is currently operational, producing 500 units monthly, with plans to ramp up production to 3,000 units per month.
- What is the projected market share of EVs compared to traditional internal combustion engine vehicles in the next 5-10 years?
According to projections by NITI Aayog, EV adoption rates are anticipated to reach 10-12% by FY26 and 30-35% by FY30. Annual sales of EVs are expected to reach 11-13 million units, with electric two-wheelers (E2Ws) leading the market and achieving a penetration rate of 35-40% by FY30.
Additionally, electric three-wheelers (E3Ws) are set to experience substantial growth, with adoption rates projected between 15-25%. This growth will be driven by favorable economics, an increase in vehicle options, and robust government initiatives aimed at promoting electrification.
- What is your vision for the future of electric commercial vehicles in India over the next decade?
We envision a landscape where EVs dominate urban logistics, offering superior performance, lower operational costs, and minimal environmental impact. By leveraging advancements in technology, we aim to drive widespread adoption and catalyse India’s transition towards clean mobility solutions.
- What new products and innovations can we expect from Euler Motors in the near future?
We are amongst the top 5 players in the 3W cargo segment today and aim to become India’s number 1 in the electric commercial vehicle segment.
We’re committed to developing unique and differentiated products, not just slight improvements on existing options. This focus and commitment to quality take time, we’ll share details about upcoming expansions at the right time.
