Euler Motors and SIDBI Join Forces to Drive Electric Mobility Financing

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Updated On: 21-Sep-2023 05:24 AM

The Euler HiLoad EV 2023 has a 13 kWh battery pack, a 170 km ARAI-certified range, and a payload capacity of 688 kg.

Euler Motors and the Small Industries Development Bank of India (SIDBI) have launched a vehicle finance partnership. The collaborations are part of the bank's Mision 50K-EV4ECO program, which aims to empower the whole EV supply chain and encourage enterprises to switch to electric mobility.

Euler Motors, a pioneering electric vehicle (EV) manufacturer, has joined forces with the Small Industries Development Bank of India (SIDBI) to bolster its financing initiatives. This strategic partnership, announced in a joint statement, aims to accelerate the adoption of electric mobility solutions across India.

Euler Motors has been making significant strides in the electric vehicle sector, specializing in the production of commercial electric vehicles designed for last-mile delivery and logistics. The collaboration with SIDBI, a prominent financial institution dedicated to supporting small and medium-sized enterprises (SMEs), is poised to have far-reaching implications for both the EV industry and the Indian economy.

Euler Motors and the Small Industries Development Bank of India (SIDBI) have launched a vehicle finance partnership. The collaborations are part of the bank's Mision 50K-EV4ECO program, which aims to empower the whole EV supply chain and encourage enterprises to switch to electric mobility.

As part of this effort, the bank is providing qualified small and medium-sized firms (SMEs) with loans to purchase EVs and construct charging infrastructure, including battery swapping. The Euler HiLoad EV 2023 has a 13 kWh battery pack, a 170 km ARAI-certified range, and a payload capacity of 688 kg.

According to Saurav Kumar, Founder & CEO of Euler Motors, with the advancement of EV technology and a rapidly expanding ecosystem, the company aspires to build a future with lower carbon emissions that surpass the vision of tomorrow and inspire a profound dedication to environmental preservation.

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The objective will encourage the use of electric vehicles by providing direct and indirect lending assistance to fleet operators, leasing businesses, and vehicle aggregators.

According to Dr R K Singh, CGM & Head, Green Climate Finance Vertical, SIDBI, the 'Mission 50K-EV4ECO' program is a first-of-its-kind in India for a greener and more sustainable India, from raising awareness to driving mass adoption.

It will be followed by EVolve, which will be shaped by SIDBI in collaboration with multilaterals. Euler Motors' loan products and solutions will be tailored to increase customer penetration in retail and institutional spaces.

Both Euler Motors and SIDBI are committed to promoting sustainable mobility solutions and supporting the growth of the EV ecosystem in India. This partnership reflects the increasing importance of electric vehicles in reducing pollution and fuel dependency and creating a cleaner and more sustainable transportation landscape in the country.

In conclusion, Euler Motors' collaboration with SIDBI for financing is a significant step forward in advancing electric mobility in India. With easier access to funding and lower financing costs, Euler Motors is well-positioned to accelerate its growth and play a pivotal role in the electrification of India's commercial vehicle sector.