"Euler Motors prioritizes the HiLoad battery’s exceptional performance in challenging Indian conditions, addressing vibrations and heat concerns by separating hot components from cells."
Q. Could you provide a brief overview of Euler Motors?
With a mission to alleviate pollution concerns in India and transition to clean mobility, Saurav Kumar founded Euler Motors in 2018. Over the past five years, we have evolved into a leading automotive OEM committed to revolutionizing transportation in the country through electric commercial vehicles. Our flagship product, the HiLoad EV, offers a superior alternative to traditional ICE vehicles. To facilitate the seamless adoption of electric vehicles, we have established the necessary supporting infrastructure, including charging stations and 24/7 customer service, along with a network of 500+ charging points. The HiLoad EV has received recognition as the ‘EV of the Year’ at the Apollo CV Awards. We currently operate in about 22 cities, with the majority falling under Euler Motors. Among these cities, we have approximately 28 touchpoints. The HiLoad EVs have cumulatively mobilized goods across India with over 46 million kms by September 2023, resulting in a reduction of over 40 million tonnes of carbon emissions. This underscores the company’s pivotal role in reshaping the transportation landscape in the country.
Q. What objectives does Euler Motors have in place to deliver a seamless electric vehicle experience, serving as the superior alternative to traditional mobility options for customers?
Our aim has consistently been to exceed the performance of conventional ICE vehicles with our EVs. We have focused on meeting Indian businesses’ unique needs by boosting profitability and reducing costs. Our new HiLoad EV 2023 has a 30% higher payload capacity (688 kg) which is a factor that facilitates a 30% higher earning than any other 3W cargo in India. What really differentiates us from the pack is that we have developed battery technology specifically designed to ensure safety and reliable performance in India’s diverse terrains and fluctuating temperatures. The cutting-edge IP67 13 kWh battery pack features an innovative thermal management system and proprietary liquid cooling technology, a ground-breaking development in the Indian market along with fast charging capabilities that add 50kms of additional range in 15 minutes. Our goal is to secure about 15% of the market share within xx months [SG1] and to grow in multiple cities.
Q. Can you share some information about the recently launched vehicle, touted as the most powerful electric vehicle in terms of range, battery capacity, and payload capacity?
The HiLoad is tailor-made for the Indian market, where Euler Motors’ Battery Management System (BMS) proved its durability, withstanding extreme conditions in April, May, and June. The HiLoad, India’s most powerful electric three-wheeler, outshines its ICE counterparts with a 12.96 kWh battery, a 170 km range, and innovative features designed for the Indian market. It also features 200 mm front disc brakes for improved efficiency and manoeuvrability. With 88.55 Nm of torque, 10.96 kW peak power, and a 300 mm ground clearance, it excels in various aspects while maintaining low maintenance costs and prioritizing driver comfort. Also, with the vehicle’s capacity to bear 30% higher payload, it delivers great value to our customers. Euler Motors prioritizes the HiLoad battery’s exceptional performance in challenging Indian conditions, addressing vibrations and heat concerns by separating hot components from cells. The design maintains a 25-30 degrees Celsius temperature range for consistent performance and also, fast charging capability. As the first EV OEM to use active liquid cooling and advanced thermal management, Euler Motors enhances battery performance, recognized with an international patent, showcasing their innovative arc reactor liquid-cooled battery tailored for Indian commercial EVs.
Q. What are the current dynamics and obstacles in EV financing that Euler Motors is currently contending with?
In EV financing, rising interest rates have been a deterrent for individuals to afford EVs, owing to the increased borrowing costs. However, certain markets are witnessing a surge in EV popularity, resulting in a strong demand for tailored financial solutions. With the continued growth in the electric vehicles segment, we foresee that the disparity between interest rates for internal combustion (ICE) vehicles and EVs will slowly diminish. This signals the opportunity as well as necessity for innovative and more competitive financing options customized for electric vehicles. Currently, only a limited number of financial institutions support EV financing, although this figure is gradually on the rise. The crucial challenge that lies ahead involves engaging regional financial entities. The ultimate goal is to ensure that everyone, irrespective of their location, has access to financing options that render the purchase of an electric vehicle a feasible and attractive choice.
Q. How does the integration of data provided by Euler Motors enable financiers to deliver more tailored and innovative solutions to potential customers?
Euler Motors’ data plays a big part in helping financiers create unique solutions for potential customers. This data gives a deep understanding of electric three-wheeler vehicles used for commercial purposes. Our proprietary software application, the Euler Shepherd, is a suite of applications that provides exhaustive fleet management analysis like active and fleet/operations-based reports and data analytics to our customers and enables them to optimize performance and enhance efficiency. The insights support a pivotal aspect of financing solutions by anticipating the timing and nature of necessary maintenance, helping customers proactively plan expenses. [SG2] This helps us collect information to calculate longevity and performance of the vehicle, the health of the batteries, locations of nearest charging points, and others. Knowing these details helps financiers make better decisions about financing the vehicles. This may translate to offering custom interest rates, adaptable down payment options, and repayment schedules that harmonize with their financial situation. This integration of data also enables the introduction of flexible and innovative financing instruments, providing diverse and creative ways to structure financing that better suits the varied needs of customers.
Q. Can you explain the impact of datadriven decision-making on the overall efficiency and competitiveness of financiers in the market?
Data analysis allows us to keep a finger on the pulse of the market, adapt to evolving trends, and expand our finance offerings to cater to changing customer preferences and demands. Data-driven decisionmaking has significantly enhanced the efficiency and competitiveness of financiers in the market. Through the analysis of vast volumes of data, financiers can manage risk, with use of historical and real-time data for more accurate risk assessments, leading to reduced exposure and potentially higher returns. Additionally, these insights empower financiers to personalize their services, not only improving customer satisfaction but also increasing the cross-selling and upselling of financial products. Furthermore, this information allows the building of strategies that aid in cost reduction and operational efficiency, enabling financiers to optimize processes and resource allocation, ultimately enhancing profitability.
Q. In what ways can data be applied to improve the secondary market for financial products?
Financiers can use data from Euler Motors to assess the product’s residual value by analyzing factors like battery health, usage patterns, and technology advancements. This data enables them to make more accurate predictions, which, in turn, can facilitate the development of a thriving secondary market for EVs. Data helps in ascertaining the remaining battery life and wear and tear of important components as well as their performance. This helps us determine the lifetime value of the product at any point and hence the secondary life and re-sale value derived from the remaining health of the vehicle.
Q. Can you provide examples of successful implementations of data-driven solutions in the financial industry, particularly in relation to product valuation and market expansion?
Today, OEMs are leveraging data-driven solutions to optimize battery performance, vehicle operations and bring appropriate valuation. They collect extensive data on battery health, usage patterns, and performance from their vehicles in the field. This data helps them predict battery degradation and estimate the lifespan of their batteries accurately, often exceeding 3 years and millions of kilometers. Many electric vehicle manufacturers have adopted data-driven “Battery as a Service” or pay-per-use models, similar to the provided information. With data collection in the backend, companies can offer a subscription service where users pay based on their vehicle’s kilometer usage. This pricing model allows for flexible and accessible payment structures, easing the upfront financial burden for customers and making electric vehicles more affordable. The data analytics in the financial sector can also be used to predict the resale or buyback value of electric vehicles. Through this, companies can estimate the future value of electric vehicles based on factors like mileage, age, and market trends. This transparency in resale value helps potential buyers assess the long-term cost-effectiveness of electric vehicles and encourages sustainable ownership.
Q. Apart from Shriram Finance & SIDBI, who are your other financing partners?
We have partnered with over 50 financing partners to offer the best deals to our customers across various states in the country.
Q. What opportunities & challenges do you see in EV financing in the coming times?
The rising demand for three-wheeler commercial EVs underscores the crucial need for financial backing to enhance accessibility and drive adoption. A key challenge lies in financiers’ limited understanding of the long-term asset value of EVs, necessitating industry efforts to increase awareness about EV longevity and operational lifespan. Challenges also arise in swiftly acquiring and reintroducing vehicles to the market, especially during the resale process, with potential obstacles in financing options for the last-mile delivery customer segment. To address these challenges, we have implemented strategies that offer financiers a unique data-centric approach with vital information like daily operations data and vehicle location through a range of APIs. In the EV financing sector, opportunities abound, with a growing demand for EV loans and leases, emphasizing the importance of competitive financing options. Investments in EV charging infrastructure, fleet electrification financing, EV subscription services, green financing products, used EV financing, and customized EV insurance solutions all contribute to the ongoing shift towards electric mobility and sustainability.