Euler & SIDBI launch ‘Mission 50K-EV4ECO’ for EV adoption

New Delhi, September 20, 2023: Euler Motors has announced a collaboration with the Small Industries Development Bank of India (SIDBI) for the visionary “Mission 50K-EV4ECO” program, aimed at catalysing the entire EV value chain. Moreover, this strategic partnership aims to revolutionize the electric vehicle financing segment, strengthen the electric mobility ecosystem, and pave the way for a sustainable future.

SIDBI’s “Mission 50K-EV4ECO” is the flagship scheme to lift electric vehicle adoption across the country. As part of this initiative, SIDBI is set to transform the EV financing landscape, empowering businesses to
seamlessly transition to electric mobility. As part of this mission, SIDBI is providing loans for the purchase of EVs and developing charging infrastructure. Additionally, this includes battery swapping, to eligible small and medium enterprises (SMEs). Furthermore, the mission will promote electric vehicle adoption through direct and indirect lending support to fleet operators, leasing companies, and vehicle aggregators.

Through this association, Euler Motors will facilitate financing and deployment of over 2000 of its class-leading HiLoad EVs. Moreover, this will happen over the next two years.

“We are thrilled to collaborate with SIDBI in their revolutionary ‘Mission 50K-EV4ECO’ program,” said Saurav Kumar, Founder & CEO at Euler Motors. “At Euler Motors, we feel fortunate to have had the opportunity to join hands with an initiative. This initiative intricately aligns with our own vision of promoting clean, green, and efficient electric mobility. Together with SIDBI’s support, we look forward to transforming the mobility ecosystem by powering EV adoption across the country. With the progression of our EV technology, we hope to create a future with reduced carbon emissions. A rapidly evolving ecosystem supports this goal. This future transcends our vision of tomorrow and inspires a profound commitment to preserving the environment for generations to come.”

This marks SIDBI’s first association with Euler Motors. Speaking about the partnership, Dr R K Singh, CGM & Head, Green climate finance vertical, SIDBI said, “The ‘Mission 50K-EV4ECO’ is a first-of-its-kind initiative in India. Moreover, it aims to create a greener and more sustainable India, from building more awareness to driving mass adoption. SIDBI, with the assistance of multilaterals, is shaping EVolve, which complements the national mission 30@30 and follows 50kev4eco. We have seen Euler,s growth in the commercial EV space and by associating with Euler Motors. We plan to deploy as many EVs as possible, transform last-mile transportation, and support the growing EV value chain. The loan products and offerings provided to Euler Motors will be tailor-made. This will facilitate more customer penetration, both in the retail and institutional spaces.”

Euler Motors is a frontrunner in the electric commercial vehicle sector. Their unwavering commitment to sustainable mobility fuels their enthusiasm to be a part of this initiative. Moreover, they are charting a course toward a cleaner and brighter future for all. This journey is driven by advanced products and EV technology.

Euler Motors is enabling a robust EV ecosystem for India. They offer high-performance and powerful EVs, such as Euler HiLoad, along with supportive infrastructure for charging and servicing. Additionally, they have introduced an advanced version of the HiLoad EV in 2023, featuring the highest battery pack and range in the 3W cargo segment. The new HiLoad EV 2023 comes with the industry’s highest 13 kWh battery pack and a 170 km kilometre ARAI certified range. This 3W cargo vehicle in India stands out with a 30% greater payload capacity of 688 kg and 30% higher earnings.

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