Euler Motors plans Rs 200 crore investment to expand production

Euler Motors, an electric vehicle start-up has announced its plans to increase its production capacity up to 3,000 vehicles units per month by mid-2022.

At present, it operates out of its integrated R&D and Corporate office in Delhi which has a production capability of 4,000 vehicles per annum. It now plans to reach 35,000 units per annum by end-FY2023. Euler Motors says it will invest around Rs 200 crore over the next 12 months to develop advanced state-of-the-art shop floors in order to drive up production capacity at its two existing facilities across Delhi-NCR.

It was in October 2021, the company launched the HiLoad EV, which it says has seen strong demand from both institutional and retail customers. The enhanced production capacity will not only help to speed up delivery against this current order book – but also to meet the projected demand from Delhi NCR, Bangalore, Hyderabad, Chandigarh and Pune. Euler Motors intends to place 8,500 units on road by FY2023.

The start-up also plans to set up an automated battery line for its patented liquid-cooled battery pack technology.

Saurav Kumar, founder and CEO, Euler Motors said, “Customer response to HiLoad has been excellent, owing to the vehicle’s better load capacity, powerful performance and higher returns. HiLoad has been in demand, across segments, such as retail and ecommerce as well as across markets all over India since its launch. We attribute these milestones as a sign of the transition to come in the LCV segment, and a testament to our own ability to deliver industry leading EV solutions that are designed uniquely for India. Our investments in capacity expansion, are an effort towards fulfilling the growing demand and expand our market footprint across the country.”

Gaurav Kumar, head of Supply Chain and Manufacturing, Euler Motors said, “We intend to design state-of-the-art EV manufacturing facilities and build them both for scalability and also to ensure greater inhouse control over quality. From battery packs to further advancements in our products, our focus is continued innovation to match evolving business needs. As a responsible OEM, we are committed to sustainability and aim to have a completely green auto value chain, while adding multiple recycling processes on the shop floor. To boost our manufacturing output, we are creating an automatic and futuristic shop floor that will set new benchmarks in the EV space.”