Euler Motors aims to expand manufacturing capacity, to invest Rs. 200 crore
Electric Vehicle (EV) manufacturer Euler Motors has announced that it plans to invest Rs. 200 crore in capacity expansion for its newly launched e-3W HiLoad.
Currently, the company has a production capacity of 4,000 vehicles per annum. It plans to increase the capacity to 35,000 units per annum by the end of FY23.
The Rs. 200 crore investment will be made over the next 12 months to develop advanced state-of-the-art shop floors to drive up production in its two existing facilities across Delhi-NCR.
The company will also set up an automated battery line for its patented liquid-cooled battery pack technology.
"The new facility will set industry benchmarks in green manufacturing and sustainable processes that speak to the brand ethos," it said.
"Customer response to HiLoad has been excellent, owing to the vehicle's better load capacity, performance, and higher returns. HiLoad has been in demand, across segments, and across markets all over the country since its launch. Our investments in capacity expansion, are an effort towards fulfilling the growing demand and expanding our market footprint across the country", stated Saurav Kumar, Founder, and CEO, Euler Motors.
The enhanced production capacity will not only help to speed up delivery against the current order book – but also meet the projected demand from Delhi NCR, Bengaluru, Hyderabad, Chandigarh, and Pune regions. The company has set a sales target of 8,500 units by FY23.
"We intend to design state-of-the-art EV manufacturing facilities and build them both for scalability and also to ensure greater in-house control over quality. . To boost our manufacturing output, we are creating an automatic and futuristic shop floor that will set new benchmarks in the EV space," said Gaurav Kumar, Head of Supply Chain and Manufacturing, Euler Motors.
