Euler Motors, a commercial electric vehicle manufacturer, announced on Tuesday its expansion into the small commercial vehicle segment. The company plans to launch its first four-wheeler with a payload capacity of over 1,000 kg during the upcoming festive season.
The new SCV is designed to address the rising demand for cost-effective and high-performance solutions for both inter- and intra-city transportation.
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As a player in the electric three-wheeler market, Euler Motors also highlighted that its inaugural four-wheeler would feature a long driving range, substantial payload capacity, and advanced real-time fleet management capabilities.
In its statement, Euler Motors emphasised that the new SCV will offer a payload capacity exceeding 1,000 kg, marking a significant milestone in the company's growth and product offerings.
"Commercial electric vehicles must cater to the needs of various industries, accommodating diverse volumes, payloads, and ranges. Our vision is to develop vehicles that seamlessly integrate into all industry verticals," said Saurav Kumar, chief executive officer of Euler Motors.
The SCV segment, which is pegged at Rs 34,900 crore in market value by financial year 2027 in the country, is dominated by internal combustion engine-powered vehicles, Euler Motors said, adding that while electric vehicles may comprise a smaller share, they are poised to grow the fastest.
With EVs, customers can expect significant cost savings and achieve price parity with traditional fuel vehicles, making them a compelling choice for businesses aiming to improve their operational efficiency and sustainability, it said.
(With Inputs From PTI)
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