Euler Motors Forays Into Passenger Vehicle Space with EV Auto-Rickshaws

Commercial electric vehicle maker Euler Motors has entered the passenger vehicle segment with its new electric three-wheeler lineup, ‘NEO’. On August 26, the company launched three variants of EV auto-rickshaws, NEO HiRANGE MAXX, HiRANGE PLUS, and HiRANGE.

According to the Delhi-based start-up, the vehicle is designed for drivers covering 120–200 km daily. Its top variant claims to deliver over 200 km of real range with a 3.25-hour charging time. The NEO also features a skateboard chassis, 65 Nm torque, and hill-assist for stable, powerful performance. Euler is offering a warranty of up to six years or 1.75 lakh km, along with anti-theft GPS.

The company plans to roll out ‘NEO by Euler’ across 50 cities in India within the next three to four months. Its main selling point is that it is an electric three-wheeler designed for last-mile passenger connectivity, supporting the decarbonisation of cities.

“Auto-rickshaws are the lifeblood of India’s urban commute, accounting for nearly 20% of daily transport trips in cities such as Bengaluru, Delhi, and Mumbai. Despite their essential role, the segment has long lacked products that deliver the right balance of reliability, range, durability, longevity, and ease of maintenance. ‘NEO by Euler’ addresses the key concerns of drivers and enables them to experience the highest range, uptime, predictable performance, and affordable ownership,” the company said on Wednesday.

The EV auto-rickshaws will have an introductory price of ₹3,09,999.

“We are excited to enter the commercial passenger EV segment. ‘NEO by Euler’ reflects our proven leadership in the commercial EV market. It is the result of deep product learning and on-ground engagement with auto drivers across Indian cities,” said Saurav Kumar, Founder and CEO of Euler Motors.

Founded in 2018, the Delhi-based EV maker initially focused on electric cargo vehicles, with models such as the HiLoad EV, Storm EV LongRange 200, and Storm EV T1500. According to reports, the company sold about 3,226 electric three-wheelers in FY25.

Recently, the company closed a Series D funding round of ₹638 crore led by Hero MotoCorp. Other investors include British International Investment (BII), the UK’s development finance institution.

With its new lineup, Euler Motors will be competing in a crowded market dominated by regional players. According to research firm IMARC, India’s electric rickshaw market was valued at $1.4 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% to reach $3 billion by 2033.

Despite policy support and the entry of larger automakers, the sector continues to be dominated by unorganised players. Key companies in the space include Adapt Motors, Atul Auto, CityLife EV, E-Ashwa Automotive, Goenka Electric, Jezza Motors, Kinetic Green, Lohia Auto, Mini Metro EV, Saera Electric Auto, and Terra Motors.

Earlier this year, Bajaj Auto upgraded its GoGo e-rickshaw and aims to sell 40,000 units annually. Terra Motors has also expanded into the L5-EV segment with a 5–8% market share target, while Hyundai India has proposed a partnership with TVS for advanced three-wheelers.