Euler Motors and Small Industries Development Bank of India (SIDBI) have announced their collaboration for vehicle financing. The partnerships come under the bank’s Mision 50K-EV4ECO programme, which aims to empower the entire EV supply chain, encouraging businesses to change to electric mobility.
As part of this initiative, the bank is offering loans to purchase EVs and developing charging infrastructure, including battery swapping to eligible small and medium enterprises (SMEs). Euler’s HiLoad EV 2023 comes with a 13 kWh battery pack, 170 km kilometre ARAI certified range, and a payload capacity of 688 kg.
Saurav Kumar, Founder & CEO, Euler Motors, mentioned that with the progression of EV technology and a rapidly evolving ecosystem, the brand hopes to create a future with reduced carbon emissions that transcends the vision of tomorrow and inspires a profound commitment to preserve the environment.
The mission will promote electric vehicle adoption through direct and indirect lending support to fleet operators, leasing companies, and vehicle aggregators.
Dr R K Singh, CGM & Head, Green climate finance vertical, SIDBI, said, the 'Mission 50K-EV4ECO' is a first-of-its-kind initiative in India for a greener and more sustainable India, from building more awareness to driving mass adoption. It complements national mission 30@30 and shall be followed by EVolve being shaped by SIDBI with multilaterals. The loan products and offerings provided to Euler Motors will be tailor-made to facilitate more customer penetration in retail and institutional spaces.
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