Euler Motors Partners With Shriram Transport Finance Company For Retail EV Financing

Euler Motors has joined hands with Shriram Transport Finance Company Limited (STFC) for retail financing of the Euler HiLoad EV. The partnership targets PAN India deployment of the company's Euler HiLoad EVs with lower interest rates and high loan to value (LTVs) for customers in retail. The company is aiming at deploying over 20,000 EVs in the next two years and it will utilise STFC's financing and segment support in the transportation sector and make commercial EVs mainstream on Indian roads. Both companies will also 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. 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."

The Euler HiLoad EV is equipped with a 12.4 KWh active liquid cooled battery technology, highest range at 151 Km per charge and highest payload capacity at 688 kg.