Euler Motors has entered into a partnership with the Small Industries Development Bank of India (SIDBI) for the “Mission 50K-EV4ECO” program, aimed at driving electric vehicle (EV) adoption across India. This collaboration seeks to transform the EV financing landscape and enhance the electric mobility ecosystem.
SIDBI’s “Mission 50K-EV4ECO” is a flagship scheme designed to promote EV adoption by providing financing support for EV purchases and charging infrastructure development for eligible small and medium enterprises (SMEs). The mission focuses on offering direct and indirect lending support to fleet operators, leasing companies, and vehicle aggregators.
Through this partnership, Euler Motors plans to facilitate the financing and deployment of more than 2000 of its HiLoad EVs over the next two years as part of the mission’s objectives. Saurav Kumar, Founder & CEO at Euler Motors, expressed enthusiasm for the collaboration, emphasizing their commitment to promoting clean and efficient electric mobility.
Dr R K Singh, CGM & Head of the Green Climate Finance Vertical at SIDBI, highlighted the mission’s significance in contributing to a greener and more sustainable India. He mentioned that the partnership with Euler Motors aims to deploy a substantial number of EVs, transform last-mile transportation, and support the growing EV value chain.
Euler Motors plays a pivotal role in building a robust EV ecosystem in India, offering the Euler HiLoad EV and comprehensive infrastructure solutions for charging and servicing. Their latest HiLoad EV 2023 boasts impressive features, including the industry’s highest 13 kWh battery pack, a certified range of 170 km, and increased payload capacity and earnings compared to other 3W cargo vehicles in India.