Hero MotoCorp acquires significant stake in Euler Motors for ₹525 crore; forays into electric three wheelers -OxBig News Network

The Company’s board has approved a strategic investment of up to ₹525 crore (in one or more tranches), in Euler Motors Private Limited. File

Hero MotoCorp, manufacturer of motorcycles and scooters, has announced it’s foray into electric three-wheeler category by acquiring a significant stake in Euler Motors.

The Company’s board has approved a strategic investment of up to ₹525 crore (in one or more tranches), in Euler Motors Private Limited.

“This investment will provide Hero MotoCorp with a strong foothold in the fast-growing electric three-wheeler market, where EVs are projected to account for 35% of total sales in the near future,” the company said in a statement.

Euler Motors has a presence in 30 cities in India and is engaged in the designing, manufacturing and sale & service of electric three-wheelers. They recently launched their first electric commercial four-wheeler.

“Our strategic investment in Euler is a bold step towards realising our vision to “Be the Future of Mobility.” This investment reinforces our commitment to accelerated growth through both organic and inorganic expansion, while highlighting the power of collaboration and adaptability in an ever-evolving market, said Pawan Munjal, Executive Chairman, Hero MotoCorp.

“As we strengthen and diversify our presence in emerging mobility landscape, this investment allows us to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility,” he added.