Euler Motors Aims to Double Revenue in FY26 With Launch of 1-Tonne E-Mini Truck

Delhi-based electric commercial vehicle startup Euler Motors on Monday expanded its portfolio with the launch of a one-tonne electric mini truck, the Turbo EV 1000. The EV, which the company claims is the world’s first 1-tonne EV mini truck, has a starting price of ₹5.99 lakh and comes in four variants.

Post-launch, the firm's founder told reporters that the eight-year-old company aims to double its revenue in the 2025-26 financial year (FY26) from ₹192 crore earned in FY25.

“We did ₹192 crore in revenue last financial year, and this year we are targeting 100% growth on that,” said Euler Motors founder and CEO Saurav Kumar, adding that the OEM is looking to achieve EBITDA break-even by 2029.

“We are becoming profitable on the product without the subsidy. Our next step is to become profitable at the contribution level. I think roughly three to three and a half years from now, we will be at EBITDA break-even,” he said on the sidelines of the launch event.

This is the company’s second launch in the past couple of months. Earlier, it unveiled EV auto-rickshaws under its NEO brand. Euler Motors already sells two commercial four-wheelers, the Storm EV and HiLoad EV.

All About Euler Turbo EV 1000

Delhi-based Euler Motors says the Turbo EV 1000 is India’s first electric commercial vehicle in the 1-tonne segment. Founder Saurav Kumar said the vehicle aims to stand out for its performance and affordability, offering fleet operators potential savings of around ₹1.15 lakh compared to diesel models.

The Turbo EV 1000 comes in three variants, CITY, FAST CHARGE, and MAXX, priced at ₹5,99,999, ₹8,19,999, and ₹7,19,999 respectively.

"Euler Turbo EV 1000 arrives at a pivotal time to drive the transition to sustainable mobility in India. It is poised to be the inflection point for EV penetration growth in the four-wheel commercial vehicle segment, currently estimated at around 2%," said Saurav Kumar. Euler Motors currently operates in 60 cities with over 100 showrooms and plans to expand to 100 cities by the end of the year. The company competes with Omega Seiki Mobility, Montara, Mahindra Last Mile Mobility, and Tata Motors.

Kumar separately told reporters that small commercial vehicles are expected to rapidly adopt electric variants, following the strong sales of electric three-wheelers. He noted that over 5 lakh commercial vehicles under 3.5 tonnes are sold annually in India, with about 40% (roughly 2 lakh units) coming from mini-trucks or sub-1-tonne vehicles. “Unlike three-wheelers, EV adoption in four-wheel commercial vehicles is still very low, around 1.5%. So there is huge potential for a strong product,” he said.

On rare earth magnet shortages, Kumar said Euler Motors is not facing supply issues and is developing magnet-free, higher-efficiency motors for the future. He added that 80–90% of an EV’s cost comes from the battery, electronics, and drivetrain. While battery cells are sourced externally, Euler manufactures the batteries in-house. "Components like the battery management system, liquid cooling, vehicle control unit, telemetry, and infotainment are all built internally,” he said.

Founded in 2018, Euler Motors has raised ₹1,420 crore so far. The company recently raised ₹638 crore in Series D funding led by Hero MotoCorp and existing investor British International Investment (BII), valuing the company at around ₹1,400 crore.

While Euler plans to raise more funds in the near term, the amount has not been disclosed. On a potential IPO, Kumar said it is “still years away”, emphasising that the focus is first on making products widely available. “At some point, definitely,” he added regarding a future IPO. For now, the company is adequately funded.