Saurav Kumar, CEO and Co-Founder of Euler Motors is spearheading a new era in electric mobility with the launch of the Storm EV range, India’s first ADAS-equipped electric Light Commercial Vehicles (LCVs). This step comes as the electric vehicle (EV) market sees increased competition, with major players like Mahindra and Tata Motors also entering the electric four-wheeler segment. The Storm EV range is designed to meet the needs of both intercity and intracity logistics, offering cutting-edge technology, extended range, and segment-first features.
Addressing Market Shifts
As commercial electric vehicles gain traction in India, a notable shift is moving from electric three-wheelers to four-wheelers. Saurav Kumar acknowledges this trend, noting that while three-wheelers still hold a significant place in the market due to their affordability and ability to navigate narrow city streets, the demand for four-wheelers has reached a critical point.
'There is a clear place for both three-wheelers and four-wheelers in India’s diverse market,' Kumar explained. 'However, the time for four-wheelers has arrived. It is essential to hit price parity and performance benchmarks that match or surpass their internal combustion engine (ICE) counterparts.'
Kumar emphasises that for any electric four-wheeler to succeed it must offer value without inflating operational costs. 'The price point has to be competitive. Increasing the price without offering corresponding revenue potential won’t work. The customer still needs to carry similar loads over similar distances,' he added. This focus on maintaining cost-efficiency while delivering superior performance is central to Euler’s new Storm EV models.
Role Of ADAS In Storm EV Range
The Storm EV models designed for intercity (LongRange 200) and intracity (T1250) applications are packed with features that set them apart from competitors. The vehicles incorporate Advanced Driver Assistance Systems (ADAS), a first in India’s LCV segment. ADAS includes front and rear collision alerts, night vision assist, and rain-sensing wipers, all designed to improve safety and enhance the driving experience.
Kumar highlighted the importance of integrating such technology in commercial vehicles, where safety often plays second fiddle to cost considerations. 'Commercial drivers rely on their vehicles for their livelihood. For them, safety isn’t just a luxury; it’s essential. ADAS will help prevent accidents and reduce repair costs, ultimately adding value for the customer,' he explained.
In addition to ADAS, the Storm EV range offers a liquid-cooled battery system powered by ArcReactor 200 technology, ensuring optimal performance in various weather conditions. The vehicles also feature multiple driving modes, which are Range, Thunder, and Rhino, that cater to different terrains and usage scenarios, making them versatile options for various logistics operations.
Scaling Up Production & Partnerships
Since its launch, Euler Motors has sold around 6,000 electric three-wheelers, with 3,600 units sold last year alone. The company is now targeting similar success with its four-wheelers. Kumar mentioned that production capacity is currently set at 1,000 vehicles per month, but this figure is expected to increase as demand grows. 'We are pushing the boundaries in both three-wheelers and four-wheelers. Our target is to sell 5,000 three-wheelers this year, and we have set similar goals for the four-wheelers,' he stated.
In terms of partnerships, Euler Motors has already secured deals with major e-commerce players like Flipkart and FMCG companies, leveraging electric mobility to reduce downtime and delivery costs. 'Our focus is on building long-term relationships with large businesses, offering them efficient, cost-effective electric mobility solutions,' said Kumar.
Future Profitability
When asked about profitability, Kumar was candid about the challenges. 'It’s a journey. Building a vehicle that can run for 100,000 to 150,000 kilometres requires significant investment in R&D and manufacturing. We’re not yet profitable on a company level, but we’re moving in that direction,' he explained.
He also acknowledged the importance of government subsidies, such as those offered through the FAME II scheme, in making electric vehicles more affordable. 'Government support is crucial in pushing adoption. We’ve qualified for subsidies in the three-wheeler space and expect to do the same with our four-wheelers,' Kumar added.
Expanding The EV Ecosystem
Looking ahead, Kumar highlighted the importance of collaboration in building a sustainable EV ecosystem. 'We work with all ecosystem partners including charging stations, dealers, suppliers, and financiers. It’s not a problem Euler can solve alone,' he noted.
While Euler Motors manufactures its own batteries, Kumar remains open to collaborations with other battery suppliers like Log9 and Exponent Energy, which provide fast-charging solutions. 'Battery performance is directly linked to the customer’s earnings. That’s why we’ve invested heavily in this area, but we are always open to partnerships that can improve the overall EV experience,' he said.
As Euler Motors enters the electric four-wheeler segment with its Storm EV range, Kumar is optimistic about the future. 'The time is right for electric four-wheelers, and we’re confident that the Storm EV will be well-received. We’ve put our heart and soul into this product, and we believe it will make a significant impact on the market,' he concluded.
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