Euler partners Magenta to deploy 1,000 HiLoad EVs

Delhi-NCR based electric vehicle start-up Euler Motors has partnered Mumbai-headquartered Magenta, an integrated clean energy and electric mobility solutions provider, to deploy 1,000 HiLoad electric three-wheeler cargo vehicle.

Under the partnership Magenta will deploy these EVs in Bangalore followed by other regions over the next 12 months. The vehicles will be deployed for multiple segment and customer applications including e-commerce, food delivery, pharma and 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. We intend to make our EVs more accessible and strengthen our presence in new markets and delivery hubs of southern India.”

Darryl Dias, co-founder and director, Magenta said, “Our strong intention is to assist e-commerce and logistics enterprises in scaling up while keeping their sustainability and cost-effectiveness goals in mind.”

Euler Motors has already commenced deliveries for Magenta, with the first batch of 20 HiLoad EVs to be delivered this week. With increasing customer tie-ups and bullish demand outlook, the company recently announced an outlay of Rs 200 crore towards capex and increasing production to 35,000 units per annum.