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When asked about the lack commit to sustainability and
of charging stations, charging aim to have a completely green
time, and higher initial costs, value chain while adding mul-
which are some of the other tiple recycling processes on the
barriers to EV adoption, Sau- shop floor. This should help set
rav responds by saying, “Yes, new benchmarks in auto man-
charging infrastructure is a crit- ufacturing in India.”
ical factor towards EV adoption.
Along with big and efficient Raising funds
battery packs, we have fast on- Source: Euler Motors Financing and competition
board chargers and an external are two of the most significant
charging network to address “While India already has a well- barriers that startups face. How-
range anxiety in EVs. We have developed mechanical supply ever, the company has received
also introduced a unique initia- chain for parts and components, funding from industry heavy-
the EV industry is now investing
tive called ‘Charge on Wheels’ in a brand-new supply chain weights such as ADB Ventures,
mobile service stations, which network for batteries, drivetrain, Blume Ventures, Inventus
will provide charge and service and power electronics. While this Capital India, QRG Investments
is the prime requisite, the next is
HiLoad, the to our EVs at any given location the need to approach battery and Holdings, and US-based
company’s or breakdown point.” Another assembly innovatively and bring Emergent Ventures, with a total
flagship major issue in the industry is EV in more automation and of US$21.6 million raised since
standardization.”
vehicle, is financing, which he addresses its inception. Revealing about
a market by announcing, “We have also Gaurav Kumar the next round, Saurav says,
Head, Supply Chain & Manufacturing
differentia- partnered with leading finan- Euler Motors “Euler Motors has commenced
tor with the ciers in the EV space to provide its series B fundraise and plans
highest pay- easy credit access for drivers of work for batteries, drivetrain, to raise around US$50 million
load capacity
in the three- electric vehicles and provide and power electronics. While this year. The company plans
wheeler car- them with flexible options to this is the prime requisite, the to utilize these funds to scale up
go segment, cover asset costs.” next is the need to approach and strengthen its production
including Gaurav then helps us under- battery assembly innovatively capacity to deliver the strong
Internal stand some stellar manufac- and bring in more automation order lineup for its HiLoad
Combustion turing practices and technol- and standardization. This will EV and cater to strong de-
Engine (ICE) ogies essential for EVs, “EVs help achieve a mass scale to mand from the retail segment.
vehicles, at are driven by electricals and produce vehicles that provide The funds will also be used
688 kg. The electronics. While India al- the same quality output across to expand our market footprint
payload ca- ready has a well-developed all deployments.” in India.”
pacity is also mechanical supply chain for He points out that another fo- Three Wheels United (TWU), a
higher than
the industry parts and components, the EV cus for EVs should be on sus- Bengaluru-based tech-enabled fi-
standard of industry is now investing in a tainable manufacturing, “As nancier of light EVs, has recently
550 kg. brand-new supply chain net- responsible OEMs, we must partnered with Euler Motors to
accelerate the adoption of electric
three-wheelers in India and pro-
mote sustainable mobility. “Our
partnership with Three Wheels
United is a strategic move to en-
able mass adoption of electric
vehicles in India and achieve our
common vision of zero-emission
logistics and sustainable business
operations. With this partner-
ship, we aim to shift cargo drivers
from renting to having their own
Source: Euler Motors TWU will address the issue of
three-wheeler EVs,” he shares.

high financing costs for po-
HiLoad EV from Euler Motors tential EV drivers by offering
loans covering up to 100 per-

56 | May-June 2022 Modern Manufacturing India