Euler Motors plans ₹200 crore capacity expansion for its e-cargo Three wheeler HiLoad.

Euler Motors, an electric vehicle manufacturer, plans to invest ₹200 crore in capacity expansion for its recently launched electric three-wheeler HiLoad. 

The company has a production capacity of 4,000 vehicles per annum now. Euler Motors plans to increase the capacity to 35,000 units per annum by the end of FY23, according to a statement. 

The ₹200 crore investment will be made over the next 12 months to develop advanced state-of-the-art shop floors to drive up production in its two existing facilities across Delhi-NCR. The company will also set up an automated battery line for its patented liquid-cooled battery pack technology.

“The new facility will set industry benchmarks in green manufacturing and sustainable processes that speak to the brand ethos,” it said.

The company sees strong demand for its electric three-wheeler HiLoad, launched about 4 months ago at a price of ₹.3,49,999, from both institutional and retail customers.

“Customer response to HiLoad has been excellent, owing to the vehicle’s better load capacity, performance and higher returns. HiLoad has been in demand, across segments and across markets all over the country since its launch. Our investments in capacity expansion, are an effort towards fulfilling the growing demand and expanding our market footprint across the country”, said Saurav Kumar, Founder and CEO, Euler Motors. 

The enhanced production capacity will not only help to speed up delivery against the current order book – but also meet the projected demand from Delhi NCR, Bengaluru, Hyderabad, Chandigarh and Pune regions. The company has set a sales target of 8,500 units by FY23. 

“We intend to design state-of-the-art EV manufacturing facilities and build them both for scalability and also to ensure greater in-house control over quality. . To boost our manufacturing output, we are creating an automatic and futuristic shop floor that will set new benchmarks in the EV space,” said Gaurav Kumar, Head of Supply Chain and Manufacturing, Euler Motors.

HBL