Euler Motors in “restructuring” mode; Lays off 10 pc employees

Electric vehicle manufacturer and a leading player in the 3-wheeler electric cargo space in the country, Euler Motors has said in a statement to Motown India that the company is indeed restructuring itself and had laid off around 10 per cent of its employees from across the organisation. Appropriate severance and support have been provided to those who have been laid off, the company stated.

The company was reacting to an unconfirmed note that was sent to Motown India which stated that “Close to 250 people, which is approximately 35% of the workforce, have been laid off with a day’s notice. Many recent joiners have been truncated and asked to leave while they are in probation/training….” The email was signed ‘Anon’.

'We are restructuring our Company to better deliver to customers as well as to investor expectations of greater efficiency in the context of changing global circumstances. Our decision to restructure however meant that we had to part with approximately 10% of our employees from across the organisation - many of whom have made invaluable contributions to our growth and success. Needless to say, we have provided appropriate severance and support and remain grateful for their contribution to the brand,” the official statement from Euler Motors said.

“We continue to maintain year-on-year growth with a strong product orderbook, and remain steadfast in our pursuit to develop the most superior products delivering the best ROI in the categories that we operate in,” the official statement concluded.