Euler Motors Expects To Ramp Up Monthly Production To 1,000 Units
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Highlights
- It wants to grow its order book from 9,000 to 15,000
- It recently raised $60 million from GIC in Singapore
- it counts Flipkart and BigBasket as its main investors
Indian electric three-wheeler maker Euler Motors' aims to boost production to 1,000 units a month from 100 after its new plant in the outskirts of New Delhi starts operations in the current quarter, its chief executive said on Thursday.
The company is expecting its order book to swell to 15,000 units by the end of the financial year from over 9,000 currently, buoyed by strong demand, Euler CEO Saurav Kumar told Reuters.
Euler, which counts Walmart Inc-backed e-commerce firm Flipkart and Tata-backed grocery delivery firm BigBasket among its customers, recently raised $60 million in a funding round led by GIC Singapore.
The Indian government is also offering companies billions of dollars in incentives to locally manufacture EVs and their parts.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Shinjini Ganguli)
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