Euler Motors has achieved approximately 25% market share in India's four-wheeler electric cargo light commercial vehicle (4W LCV) segment, positioning itself as the second-largest player behind Tata Motors. According to latest reports, the company's volume growth coincided with a significant increase in overall electric adoption within the 4W cargo category, where electric penetration rose from nearly 1% to about 5% over the twelve-month period. The manufacturer reported cumulative sales of around 6,500 units across its two four-wheeler product lines, the Euler Storm EV and the Turbo EV 1000, with monthly dispatch volumes scaling from approximately 50 units in early 2025 to nearly 1,000 units by September 2026.
Euler Motors CEO Saurav Kumar has called on state governments across India to follow Delhi's lead in promoting commercial electric vehicle adoption. According to reports from Business Standard, Kumar emphasized that state policies can accelerate EV adoption by addressing cost, financing, and charging infrastructure barriers that currently slow electric vehicle adoption. The Delhi EV Policy 2026, notified on July 1, bans registration of new petrol, diesel, and CNG auto-rickshaws and N1 goods vehicles from January 1, 2027. Under this policy, Delhi offers purchase incentives of ₹1 lakh for electric N1 goods vehicles in the first year, ₹75,000 in the second year, and ₹50,000 in the third year. Kumar noted that commercial vehicles have a significant impact on urban air pollution and that Delhi's policy is a "holistic" approach covering "everything from demand to supply to charging infrastructure to a bit of the financing, registration benefits and non-fiscal incentives."
While Delhi remains a key primary market with Euler holding nearly 50% of the local electric 4W cargo space, regional dispatches have increasingly shifted toward secondary markets. The company reported a market share of about 25% in Maharashtra, where regional category penetration reached 8.7%, and roughly 32% in Rajasthan, where segment penetration crossed 11%. Kumar noted that "the four-wheeler cargo segment ran on diesel for years, not because operators wanted it, but because no electric vehicle matched it on the right combination of performance and affordability." The company spent four years on this, the first two in research, development and validation before putting a vehicle on the road, because it wanted to get the product right rather than being first. Kumar stated that "the operators who come back for a second and third vehicle are the proof."
Euler Motors has experienced remarkable financial growth as electric commercial vehicle demand increases. As reported by Business Standard, the company expects revenue to double to around ₹800 crore in FY27, following growth from approximately ₹190 crore in FY25 to ₹402 crore in FY26. The company has already crossed ₹400 crore in revenue during the first half of FY27, matching its entire FY26 revenue. Kumar noted that four-wheelers have emerged as the biggest growth driver, with the company selling the Turbo (one-tonne) and Storm (1.5-tonne) vehicles. The company now holds around 29-30% share of the electric N1 segment and expects to reach break-even within three years. Kumar stated that "We are right now racing to deliver to our customers" and the company is on track for another year of around 100% growth.
Despite growth momentum, Kumar highlighted significant challenges facing the EV sector. According to Business Standard, he raised concerns about the production-linked incentive (PLI) scheme for automobiles, stating that EV startups face a 12-15% disadvantage compared to established automakers receiving auto PLI incentives. The company has submitted its case to the government and is working with other electric two-wheeler startups including Ather, River, and Ultraviolette to seek scheme modifications. Kumar noted that rising input costs have increased by 6-7%, with lithium, magnets, copper, aluminium, and memory chips becoming more expensive due to AI industry demand. However, he reported that memory chip costs had risen sharply due to AI industry demand. Kumar also pointed to Maharashtra, Odisha, Meghalaya, Madhya Pradesh, Telangana, Tamil Nadu and Uttar Pradesh where state-level incentives are supporting electrification.
Looking ahead, Kumar expects the shift to electric commercial vehicles to accelerate significantly. As reported by Business Standard, he anticipates the segment below one tonne could reach at least 50% electrification within five years, possibly reaching significantly higher levels. For larger commercial vehicles, Kumar noted that "a couple of things have to be noticed such as availability of the charging infrastructure and whether the product is affordable." The company is expanding its retail presence, currently operating around 120 dealer touchpoints, up from 90 at the end of the previous financial year, with plans to add another 100 touchpoints during FY27. Euler currently manufactures 1,000 three-wheelers and 2,000 four-wheelers monthly with sales of approximately 1,500 vehicles monthly, comprising about 1,000 four-wheelers and 500 three-wheelers. This compares with roughly 500-600 vehicles a month around the same period last year.
