Euler Motors has emerged as India’s second largest electric company in the four-wheeler cargo segment, with the company’s market share increasing to almost 25%. The electric commercial vehicle manufacturer marked one year of its Turbo EV 1000, during which it significantly expanded its presence in India’s electric four-wheel light commercial vehicle (4W LCV) market.
Euler Motors’ market share in this segment has grown from less than 2% to nearly 25%, driven by its two electric four-wheeler products, the Euler Storm EV and the Euler Turbo EV 1000. This growth has increased electric vehicle penetration in India’s four-wheeler cargo segment from around 1% to around 5%.
During this period, Euler Motors sold approximately 6,500 electric four-wheelers, significantly increasing its monthly sales volume. The company plans to grow production from about 50 vehicles per month in early 2025 to about 1,000 units per month by September 2026. The company said this growth reflects the growing acceptance of electric commercial vehicles and growing demand for its electric cargo mobility solutions.
With the Storm EV and Turbo EV 1000, Euler Motors strengthens its position in the electric 4W LCV segment as fleet operators and commercial vehicle users increasingly look towards electric mobility for cargo and last-mile applications.
The Storm EV, a four-wheeler with ADAS, and the Turbo EV 1000, a one-tonne electric truck, together give operators an electric option comparable in price to a comparable diesel truck and lower in running costs. The segment was largely built on diesel because electric alternatives cost 30 to 40 percent more for the same job. To bridge that gap, pricing and performance have only driven demand.
Euler is the leader in Delhi with nearly 50 per cent of the electric four-wheeler cargo market, and this shift has now spread to other states where electrification has increased in the category. Its segment market share has reached around 25 per cent in Maharashtra, where penetration is 8.7 per cent, and around 32 per cent in Rajasthan, where penetration has crossed 11 per cent. Growth is rapidly coming from smaller cities – Tier 2 and Tier 3 cities like Sikar – Rajasthan, Solapur, Satara, Sangli – Maharashtra, Tiruppur, Salem, Tiruchirappalli – Tamil Nadu. In cities like Sikar, led by the dairy/milk segment, gas cylinder, FMCG and water fleet, Euler’s dealer reach reached 40 units per month within three months of opening.
Saurav Kumar, founder and CEO of Euler Motors, said, “The four-wheel cargo segment ran on diesel for years, not because operators wanted it to, but because no electric vehicle competed with it on the right combination of performance and affordability. We spent four years on it, we spent the first two years in research, development and validation before we brought a vehicle on the road, because we wanted to get the product right rather than the first. Since then the segment has gone from about 1 percent electric to 5 percent, and operators who The vehicles coming back for the second and third are proof of this. What started in Delhi is now visible in Rajasthan, Maharashtra, Tamil Nadu, especially Tier 2 and Tier 3 smaller cities.
Euler has increased capacity to meet demand. Its four-wheeler facility in Palwal, Haryana, backed by ₹100 crore, can produce 24,000 vehicles per year, and the company has set up a new research and development unit and is evaluating another facility. Since the segment is still in the early stages of the transition to electric, Euler expects its penetration to reach 15 to 20 percent in the near term.