Euler Motors, TWU to Deploy 1,000 E3W Within a Year

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Bengaluru-based Electric Vehicle (EV) financier Three Wheels United (TWU) announced it has partenered with EV maker Euler Motors to deploy more than 1,000 electric 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2022-23.

TWU aims to address the issue of high cost of finance for drivers of electric vehicles, a key barrier for the adoption of electric mobility, in order to help them switch to EVs. The company aims to provide loans covering upto 100 per cent of the asset cost.

“This partnership will help us drive a faster deployment of our customer order book of 3500 HiLoads with the required financing solutions. Euler Motors will continue to prioritize partnering with other players in the ecosystem who are accelerating adoption of electric commercial EVs in India,” said Saurav Kumar, Founder and CEO, Euler Motors.

TWU and Euler Motors will jointly work towards promoting the adoption of electric cargo three-wheeler Euler HiLoad EV. TWU will provide the required financing solutions for cargo vehicle drivers to switch to EV three-wheelers, and Euler will assist them with access to charging infrastructure, maintenance, and service.

Three Wheels United has over 50,000 drivers on its platform and the company has so far financed around 4,000 electric auto-rickshaws. In April last year, the company announced its entry into the cargo segment through a partnership with Porter, an intra-city logistics company based in Delhi. The partnership was aimed at facilitating loans for partner drivers of Porter to easily switch from conventional cargo autos to EV cargo vehicles.

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Founded in 2018, Euler Motors is an electric vehicle company operating in the commercial segment which deploys technology solutions for EVs. In May last year, the company closed its Series A funding round at USD 9.5 million. It also received additional investments of USD 2.6 million from ADB Ventures and Blume Ventures.

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