Euler Motors spent Rs 100 crore on the development of StormEV, the company's Founder and Chief Executive Officer Saurav Kumar said.
25 Sep 2024 | 12250 Views | By Kiran Murali and Yukta Mudgal
Electric commercial vehicle maker Euler Motors today launched its first four-wheel small/light commercial vehicle under the name “StormEV”, marking its entry into the segment that is expected to see significant growth in the electrification drive.
The vehicle comes at an introductory price range of Rs 8.99-12.99 lakh.
The ...
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Electric commercial vehicle maker Euler Motors today launched its first four-wheel small/light commercial vehicle under the name “StormEV”, marking its entry into the segment that is expected to see significant growth in the electrification drive.
The vehicle comes at an introductory price range of Rs 8.99-12.99 lakh.
The StormEV has around 1,250 kg payload capacity and comes in three variants. The long-range variant of StormEV has a real-world range of 200 km with a 30 kWh battery, while the other two variants come with a range of 140 km with a 19 kWh battery.
Euler Motors spent Rs 100 crore on the development of StormEV, the company's Founder and Chief Executive Officer Saurav Kumar said while launching the vehicle today in Delhi.
Euler Motors will now compete with major players like Tata Motors, Ashok Leyland-owned Switch Mobility and Eka Mobility in the electric light commercial vehicle segment.
The industry is estimated to have sold around 5 lakh light commercial vehicles (goods carriers under 7 tons) in 2023-24, of which electric vehicles accounted for around 4,000 units.
Electric vehicles are being looked at as more sustainable solutions for the light commercial vehicle segment in the commercial vehicle space.
The demand for clean last and mid-mile deliveries is expected to drive the electrification among goods carriers, considering lower total cost of ownership, net zero commitment by many players and investments in advanced products that meet customer requirements.
As per the company's estimate, the small commercial vehicle segment in India is estimated to reach a market value of Rs 34,900 crore by FY2027, with internal combustion engine (ICE) vehicles currently dominating the market.
Euler Motors launched its first product HiLoad EV - an electric three-wheeler commercial vehicle in 2021. It has sold 6,000 vehicles till now and is present across 31 cities.
The Haryana-based company currently has one Rs 100-crore manufacturing facility in Palwal with a capacity to produce 36,000 units per year. Euler Motors has raised Rs 770 crore in various funding rounds till date. Kumar noted that the company will go for another funding round, mostly next year.