Hero MotoCorp has announced its strategic entry into India’s electric three-wheeler (3W) market with a significant investment of Rs 525 crore (around $60 million) in Euler Motors. This move is part of Hero’s broader push into the electric vehicle space, marking its second major investment following the acquisition of a 40% stake in Ather Energy.
The investment, approved by Hero MotoCorp’s Board of Directors on March 20, 2025, will be made in multiple tranches and will result in a 32.5% ownership stake in Euler Motors. The deal solidifies Hero’s presence in the growing electric 3W sector and aligns with the company’s long-term strategy to diversify its portfolio in the electric mobility landscape.
Euler Motors, established in 2018 by Saurav Kumar, has quickly become a significant player in the electric 3W market with its flagship HiLoad EV. This vehicle is touted as the most powerful electric cargo three-wheeler, offering a range of 170 kilometers. Recently, Euler expanded its product line by introducing its first electric commercial four-wheeler.
The company’s operations span across 30 cities in India, and it has seen substantial growth. In the fiscal year 2023–24, Euler Motors reported a turnover of Rs 172 crore, marking a sharp increase from the previous year’s Rs 49 crore. This performance underscores the growing demand for electric commercial vehicles in the country.
With this investment, Hero MotoCorp aims to strengthen its foothold in the electric vehicle sector and support the expansion of Euler Motors. This partnership is expected to accelerate the adoption of electric 3Ws, which are gaining traction as an eco-friendly and cost-effective solution for last-mile connectivity in India.
