Euler Motors Launches 1 Tonne Electric Mini Truck

New Delhi, Sep 22 (PTI) Euler Motors on Monday said it expects adoption of electric trims in the small commercial vehicle segment (SCV) to grow robustly in the domestic market with it launching the world's first 1 tonne e-mini truck to cater to diverse logistics industry needs.

The company, which launched the Euler Turbo EV 1000 at Rs 5.99 lakh, anticipates positive state and national transport policies, GST reforms and other developments to reshape fleet economics in Indian cities.

"Euler Turbo EV 1000 arrives at a pivotal time to drive the transition to sustainable mobility in India. It is poised to be the inflexion point for EV penetration growth in the four wheel CV segment overall, currently estimated at around 2 per cent," Euler Motors Founder and CEO Saurav Kumar said.

He added that the small commercial vehicles are expected to see a rapid adoption of electric variants with electric three-wheelers already witnessing robust sales.

When asked if the company is also looking to come out with an IPO, Kumar said, "At some point definitely."

Without sharing timelines, he noted that the company remains adequately funded at the moment.

In March this year, Hero MotoCorp acquired a 32.5 per cent stake in Euler Motors for Rs 525 crore.

Commenting on the new product, Kumar claimed that Turbo EV 1000 delivers an annual savings of Rs 1.15 lakh when compared to diesel counterparts.

The model is the first in the 1-tonne electric segment to offer a real range of 140-170 km, he added.

Euler Turbo EV 1000 comes in three variants -- City, Fast Charge and Maxx, available at Rs 5.99 lakh, Rs 8.19 lakh and Rs 7.19 lakh, respectively.