Electric commercial vehicle maker Euler Motors today launched its first four-wheel small commercial vehicle under the name “StormEV”, marking its entry into the segment that is expected see significant electrification.
The vehicle comes at an introductory price range of Rs 8.99-12.99 lakh.
The StormEV has around 1,250 kg payload capacity and comes in three variants. The long range variant of StormEV gives has a real world range of 200 km with a 30 kWh battery, while the other two variants comes with a range of 140 km with a 19 kWh battery.
Euler spent Rs 100 crore for the development of Storm, the company’s Founder and Chief Executive Officer Saurav Kumar said while launching the vehicle today in Delhi.
In the electric light commercial vehicle segment, Euler Motors will now compete with major players like Tata Motors and Ashok Leyland-owned Switch Mobility.
The industry is estimated to have sold around 5 lakh light commercial vehicle (goods carriers under 7 tons) in FY24, of which EV sales were close to 4,000 units.
Electric vehicles are being looked at more sustainable solutions for small commercial vehicle segment among the commercial vehicle space.
The demand for clean last and mid-mile deliveries are expected to drive the electrification among goods carriers, considering lower total cost of ownership, net zero commitment by many players and investments in advanced products that meet customer requirements.
Euler Motors launched its first product HiLoad EV – an electric three-wheeler commercial vehicle in 2021. It has sold 6,000 vehicles till now and is present across 31 cities.
The Haryana-based company currently has one Rs 100-crore manufacturing facility in Palwal with a capacity to produce 36,000 units per year.
The SCV segment in India is estimated to reach a market value of Rs 34,900 crore by FY2027, with internal combustion engine (ICE) vehicles currently dominating the market.