The new age e3W manufacturer, Euler Motors, announced that it has tied up with Magenta to deploy 1,000 HiLoad EVs in Bangalore, followed by other regions over the next 12 months. The key cities targeted for the deployments include Hyderabad, Chennai, and Bangalore, among others.
Under this partnership, Euler Motors will cater to vehicle deliveries and service support via its full-stack ecosystem, while Magenta will oversee customer deployments and support credit access for EV financing for drivers, a communication from the startup stated.
Further, these deployments will constitute multiple segments and customer applications, including e-commerce, food delivery, pharma and other last-mile logistics clients, the release added.
Saurav Kumar, Founder and CEO, Euler Motors, said that with the growing customer confidence, the company intends to make its EVs more accessible and strengthen its presence in new markets and delivery hubs of southern India.
Darryl Dias, Co-founder & Director, Magenta, said, “Our strong intention is to assist e-commerce and logistics enterprises in scaling up while keeping their sustainability and cost-effectiveness goals in mind.”
With increasing customer tie-ups and a bullish demand outlook, the EV maker announced an outlay of INR 200 crore towards Capex and increased production to 35,000 units per annum.