New Delhi: Euler Motors, an electric vehicle company, has partnered with Shriram Transport Finance Company Limited (STFC) to drive accessible retail financing for the Euler HiLoad EV with lower interest rates and high loan-to- value (LTV) for customers across the country.
With its plan to deploy over 20,000 EVs in the next two years, Euler Motors will utilize STFC’s financing and segment expertise in the transportation sector and make commercial EVs mainstream on Indian roads. Both the organisations will work closely to drive awareness on the benefits of EVs, the companies said in a media release.
Saurav Kumar, Founder and CEO, Euler Motors,said, “We are thrilled about having STFC on board with us. Its expertise in asset management and customer know-how will help us deploy EVs at scale across our target markets. Together, we aim to make the Indian commercial vehicle segment progressive and emission free.”
P Sridharan Joint MD, STFC, said, “Shriram has the right financing solutions and customer-connect in rural and semi-urban areas and, we expect to achieve tremendous success in E-CV financing in the next 3-5 years. The partnership with Euler synergises with our approach in the EV financing space and is part of our overall strategy to provide finance to the entire e-commerce logistics supply chain ecosystem.”
Umesh Revankar, VC and MD, Shriram Transport Finance, said, “Our partnership with Euler would encourage customers to engage in the last-mile delivery of goods. As Euler strengthens its infrastructure, STFC would complement it with financing solutions.”
Euler Motors is enabling a robust EV ecosystem with Euler HiLoad and supportive infrastructure across charging and servicing. Euler HiLoad EV, launched in 2021, comes with 12.4 KWh active liquid cooled battery technology, a range of 151 km per charge and payload capacity of 688 kg.
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