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 segments 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, and Bangalore amongst others.
Saurav Kumar, Founder, and CEO of Euler Motors said, “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.”
Darryl Dias, Co-founder, and Director of Magenta said, “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.”
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 the highest sales since February 2022. With increasing customer tie-ups and a bullish demand outlook, it recently announced an outlay of Rs 200 crore towards Capex and increased production to 35,000 units per year.
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