I Am Very Confident: Saurav Kumar On Competition, Brand Awareness, and Profitability It has come up with innovations and advanced features in the LCV that are one of a kind in this segment. However, there is a long way to go in terms of competition with other established brands, Euler's brand awareness in the country, and profitability.
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Euler Motors, which launched its first electric three-wheeler in 2021 and managed to sell 6,000 of them, has gained momentum in the past three years with raising funds from the investors and establishing their own production facility in Haryana's Palwal district.
After witnessing the success in three-wheeler category, the startup has now launched India's first ADAS-equipped E4W Light Commercial Vehicles (LCVs) in its StormEV Range.
It has come up with innovations and advanced features in the LCV that are one of a kind in this segment. However, there is a long way to go in terms of competition with other established brands, Euler's brand awareness in the country, and profitability.
Speaking at the launch in Delhi, with media, Saurav, Founder & CEO, Euler Motors addressed the issues and said that our main focus is to reduce the pollution and that can only be achieved with collective efforts of the industry. He said that the startup ventured into the four-wheeler segment because time was right.
"India has the diverse need. The reason we launched a four wheeler is because it's gonna be time ahead. you need to hit that price parity, performance, and efficiency similar to an ICE vehicle."
"I think the time was right. We, I think in three wheeler also when we came, we came with that energy that pushed the market and reading the preference of customer. Everybody's also learning what does it mean to own electric three wheeler that is now well understood, but what does it mean to have an electric four wheeler that all of us are learning," he added.
Speaking on the price and profitability of the product, he admitted that it is not profitable yet. He said that profitability depends on product market and choices of what customers have taken.
"It's definitely a journey and it takes a lot of time. It's capital intensive. It is a sequential process just to get revenue. I think we are focused toward that," he said.
Since the batteries are integral to vehicle and consumers are concerned about the secondary value, the company wants underwrite this. "It is one of the thing that we feel that has directly correlation to customers earning customer secondary life and financing partners and everything. That is why from day one we have been building and I think in battery we are way ahead of everyone in the ecosystem," said Saurav.
Euler is present in 35 cities of the country and it is gradually expanding its presence in the other parts, but there are some areas where the brand falls short on its desired visibility.
Speaking to Entrepreneur India on the matter the founder said, "So brand is something that we've been working on. We have come up with the slogan 'Aane De'. We have built that so that it creates that impact so that it's a bit more than that function."
"We are on the path to profitability and it'll take its time. Everything has its journey and I'm very confident that we will get there very soon. We believe that with this product, it'll help us get to profitability anywhere sooner," he added.
