Euler Motors partners with Magenta to deploy 1000 HiLoad in India
Modified On May 12, 2022 01:20 PM
As part of the partnership, the HiLoad will be deployed in Bangalore for a variety of last-mile cargo applications such as e-commerce, food delivery, and pharma among others and gradually expand into other key markets over the next 12-months.
Continuing to spread the market, attract new customers and forge new partnerships to make India's last-mile transportation emission-free, Euler Motors, an electric vehicle company, has tied up with Magenta, an integrated clean energy and electric mobility solutions provider, to deploy 1000 HiLoads-electric three-wheeler. Magenta specializes in building solutions that enable its clients to achieve sustainability goals and aims to start operation with the HiLoad in Bangalore and take them to other markets as well over the next 12 months.
The new HiLoad deployments will constitute multiple segments and customer applications including eCommerce, food delivery, pharma & other last-mile logistics clients. Under EVET, Magenta is already operating over 400+ electric cargo transport services using the electric mobility platform. While Euler Motors will cater to vehicle deliveries and service support via its full-stack ecosystem, Magenta will oversee customer deployments and also support credit access for EV financing for drivers. The key cities targeted for the deployments include Hyderabad, Chennai, and Bangalore amongst others.
According to Saurav Kumar, Founder and CEO, of Euler Motors, This partnership is a testimony to our thriving vision, and of HiLoad’s unique value proposition which sets it apart in the industry. With the growing customer confidence, we intend to make our EVs more accessible and strengthen our presence in new markets and delivery hubs of southern India.
Since its launch, the HiLoads became an instant hit among potential customers that resulted in higher demand. Euler Motors has already commenced deliveries for Magenta, with the first batch of 20 HiLoad EVs to be delivered this week. Euler Motors already has commenced retail deliveries for its HiLoad EVs and registered the highest sales since February 2022. Apart from institutional orders, the company has received an excellent response from retail customers and fleet owners, with a stable order line up from the segment. With increasing customer tie-ups and a bullish demand outlook, it recently announced an outlay of INR 200 crores towards capex and increasing production to volume to 35000 units annually.