New Delhi-based Euler Motors, an electric vehicle company has tied up with Magenta, an integrated clean energy and electric mobility solutions provider, to deploy 1000 HiLoad EVs, 3wheeler cargo vehicles in India.
For this deal, Magenta, which specializes in creating solutions that enable its customers to achieve sustainability goals, will deploy these EVs in Bangalore and other regions over the next 12 months.
The press statement said the new HiLoad deployments will constitute a range of segment and customer applications, including e-commerce, food delivery, pharma, and other last-mile logistics customers.
Under EVET, Magenta is already operating over 400+ electric cargo transportation services using the electric mobility platform. While Euler Motors will complete vehicle delivery and service support through its full-stack ecosystem, Magenta will oversee the deployment of customers and will also support credit access for EV financing for drivers. Major cities targeted for deployment include Hyderabad, Chennai, and Bangalore.
“Magenta and Euler Motors are well-aligned with each other, both founded on a premise to create a clean energy ecosystem in India with segment-first innovation and solutions; we’re happy to be partnering with Magenta to deploy our highly powered HiLoad EVs for sustainable transportation. 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”, said, Saurav Kumar, Founder and CEO, Euler Motors.
Euler Motors has started deliveries for the Magenta and will deliver the first batch of 20 Highload EVs this week, said in a statement.
“Magenta’s mission has always been to enable clean mobility. We are thrilled to be adding an environmentally friendly electric fleet to address the ever-increasing need for last-mile logistics and transportation. Our strong intention is to assist e-commerce and logistics enterprises in scaling up while keeping their sustainability and cost-effectiveness goals in mind”, said, Darryl Dias, Co-founder & Director Magenta.
Euler Motors has already started retail deliveries for its HiLoad EVs and recorded the highest sales since February 2022. Moreover, the company has received excellent responses from retail customers and fleet owners, with a stable order line from this segment.
With the outlook for growing customer tie-ups and accelerating demand, Euler Motors recently announced an outlay of Rs 200 crores for capex and increased production to 35000 units per annum.