By Priya Singh
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Updated On: 25-Sep-2024 09:55 AM
The StormEV is priced between Rs 8.99 lakh and Rs 12.99 lakh. It has a payload capacity of 1,250 kg and comes in three variants.
Key Highlights:
Euler Motors, an electric commercial vehicle manufacturer, today debuted its first four-wheel compact commercial vehicle, the "StormEV," marking its entry into a category that is likely to receive considerable electrification.
Price and Variants of StormEV
The StormEV is priced between Rs 8.99 lakh and Rs 12.99 lakh. It has a payload capacity of 1,250 kg and comes in three variants. The long-range version offers a real-world range of 200 km with a 30 kWh battery, while the other two variants provide a range of 140 km with a 19 kWh battery.
Investment and Competition
Euler Motors invested Rs 100 crore in developing the StormEV, as stated by the company's Founder and CEO, Saurav Kumar, during the launch event in Delhi.
Euler Motors will now compete with significant companies in the electric light commercial vehicle category, including Tata Motors and Ashok Leyland's Switch Mobility.
Market Outlook
The industry is projected to have sold around 5 lakh light commercial vehicles (goods carriers under 7 tons) in FY24, with EV sales accounting for nearly 4,000 units.
Electric vehicles are being considered as more sustainable solutions for the small commercial vehicle segment of the commercial vehicle due to their lower total cost of ownership and the growing demand for clean last and mid-mile deliveries.
The demand for clean last and mid-mile deliveries is likely to boost electrification among goods carriers, given lower total cost of ownership, many players' commitment to net zero emissions, and investments in new products that fulfill consumer needs.
Company Background
Euler Motors previously launched the HiLoad EV, an electric three-wheeler, in 2021 and has sold 6,000 units across 31 cities. The Haryana-based company operates a Rs 100-crore manufacturing facility in Palwal, with a capacity to create 36,000 units annually.
Future of Small Commercial Vehicles in India
The SCV segment in India is expected to have a market value of Rs 34,900 crore by FY2027, with internal combustion engine (ICE) vehicles currently leading.
Also Read: Euler Motors Expands into SCV Market with High-Payload 4-Wheeler
CMV360 Says
The launch of the StormEV by Euler Motors is a significant step toward electrifying the small commercial vehicle segment in India. As more companies invest in electric vehicles, it will not only reduce emissions but also offer cost-effective solutions for businesses.
The competition in the electric vehicle market is heating up, and innovations like these will likely drive further advancements in the industry, paving the way for a greener and more efficient transport system.