Hero MotoCorp has announced a strategic investment of up to INR 525 crore in Euler Motors, marking its entry into the fast-growing electric three-wheeler market. This move aligns with Hero MotoCorp’s broader vision of expanding its presence in the electric vehicle sector.
Euler Motors specialises in designing, manufacturing, and servicing electric three-wheelers. The company has a presence in over 30 cities across India and recently launched its first electric commercial four-wheeler. Its revenue has seen rapid growth, rising from INR 25 crore in FY22 to INR 172 crore in FY24, reflecting the increasing demand for electric mobility solutions. Hero MotoCorp’s investment will strengthen Euler’s ability to scale production and expand its market reach.
Pawan Munjal, Executive Chairman, Hero MotoCorp, emphasised that Hero MotoCorp is committed to both organic and inorganic growth in the electric vehicle segment and that the company sees strong potential in electric three- and four-wheelers as part of the broader mobility transition.
The acquisition comes at a time when electric three-wheelers are expected to account for 35% of total sales in the near future, driven by policy support, rising fuel costs, and increasing adoption of clean energy transport solutions. Hero MotoCorp’s decision to enter this segment suggests a strategic response to the evolving automotive landscape, where electrification is rapidly reshaping traditional business models.
In addition to the investment in Euler Motors, Hero MotoCorp has also announced plans to set up a new company under Section 8 of the Companies Act, 2013, to manage its Corporate Social Responsibility (CSR) initiatives. The details of the CSR entity have not yet been finalised.
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