Motors, an electric vehicle company, has tied up with Magenta, an integrated
clean energy and electric mobility solutions provider, to deploy 1000 HiLoad
EVs, an electric 3wheeler cargo vehicle. Magenta will deploy these EVs in
Bengaluru followed by other regions over the next 12 months.
new HiLoad deployments will constitute multiple segment and customer
applications including ecommerce, food delivery, pharma and other last-mile
logistics clients. Magenta is already operating over 400+ electric cargo
transport services using the electric mobility platform.
Euler Motors will cater to vehicle deliveries and service support via its full
stack ecosystem, Magenta will oversee customer deployments and also support
credit access for EV financing for drivers. The key cities targeted for the
deployments include Hyderabad, Chennai, Bengaluru amongst others.
Motors has already commenced deliveries for Magenta, with the first batch of 20
HiLoad EVs to be delivered this week. The former has also commenced retail
deliveries for its HiLoad EVs, and registered highest sales since February
2022. Apart from institutional orders, the company has received an excellent
response from retail customers and fleet owners, with a stable order line up
from the segment.
increasing customer tie ups and bullish demand outlook, it recently announced
an outlay of Rs 200 crores towards capex and increasing production to 35000
units per annum.
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