Euler Motors ties-up with Magenta for Electric Mobility Solutions
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, India’s most powerful 3wheeler cargo vehicle. Magenta, which specializes in building solutions that enables their clients to achieve sustainability goals, will deploy these EVs in Bangalore followed by other regions over the next 12 months.
The new HiLoad deployments will constitute multiple segment and customer applications including ecommerce, food delivery, pharma & other last-mile logistics clients. Under EVET, Magenta is already operating over 400+ electric cargo transport services using the electric mobility platform. While Euler Motors will cater to vehicle deliveries and service support via its full stack ecosystem, Magenta will oversee customer deployments and also support credit access for EV financing for drivers. The key cities targeted for the deployments include Hyderabad, Chennai, Bangalore amongst others.
Saurav Kumar, Founder and CEO, Euler Motors, said, “Euler Motors is already on its pursuit to bring a real change in EV adoption and aggressively expand its footprint to drive zero emission logistics in India. 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 of 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.
“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 commenced deliveries for Magenta, with the first batch of 20 HiLoad EVs to be delivered this week. Euler Motors already has commenced retail deliveries for its HiLoad EVs, and registered highest sales since February 2022. Apart from institutional orders, the company has received an excellent response from retail customers and fleet owners, with a stable order line up from the segment. With increasing customer tie ups and bullish demand outlook, it recently announced an outlay of INR 200 crores towards capex and increasing production to 35000 units per annum.