Euler Motors ties up with Shriram Transport Finance for EV financing

The partnership is to support Euler’s PAN India retail EV adoption for its HiLoad EV

Euler Motors, an electric vehicle company, has partnered with India’s leading asset financing company, Shriram Transport Finance Company Limited (STFC) to drive accessible retail financing of the Euler HiLoad EV. The partnership will aim at PAN India deployment of the company’s Euler HiLoad EVs, with lower interest rates and high loan to value (LTVs) for customers in retail.

With an objective to deploy over 20,000 EVs in the next two years, Euler Motors will utilize STFC’s financing and segment expertise in the transportation sector and make commercial EVs mainstream on Indian roads. Both organisations will also closely work to drive awareness on benefits of EVs for Indian customers.

Saurav Kumar, Founder and CEO, Euler Motors, said, “Euler Motors is committed to provide the most powerful EVs, and develop a robust ecosystem, of which EV financing is a critical element.

We are thrilled about having one of India’s largest asset financing Non-Banking Financial Companies (NBFCs), STFC on board with us. Their expertise in asset management and customer know-how will help us deploy EVs at scale across our target markets. Together, we aim to make the Indian commercial vehicle segment progressive and emission free.”

This also marks STFC’s first association with a commercial EV company in India.  Speaking on the tie-up, P. Sridharan Joint MD, Shriram Transport Finance, said “Shriram has the right financing solutions and customer connect in rural and semi-urban areas and, we expect to achieve tremendous success in E-CV financing in the next 3-5 years. The partnership with Euler synergises with our approach in the EV financing space and is part of our overall strategy to provide finance to the entire e-commerce logistics supply chain ecosystem.”

On the tie-up, Mr Umesh Revankar, VC & MD, Shriram Transport Finance, said, “India’s logistics industry is embracing EV wholeheartedly and adopting it at a faster rate than expected. Shriram has seen rising awareness and queries for Electric CV financing and we believe it will be a prominent fuel going ahead and would want to support the consumer’s adoption of EVs. Our partnership with Euler would encourage customers to engage in the last-mile delivery of goods. As Euler strengthens its infrastructure, STFC would complement it with financing solutions.”

Euler Motors is enabling a robust EV ecosystem for India, with its high performance and powerful EVs, Euler HiLoad and supportive infrastructure across charging and servicing. The Euler HiLoad EV, launched in 2021, comes with the industry first 12.4 KWh active liquid cooled battery technology, highest range at 151 Km per charge and highest payload capacity at 688 kg.