Hero MotoCorp to invest Rs 525 crore in Euler Motors
Hero MotoCorp is entering the three-wheeler market with the approval of an investment of up to Rs 525 crore in Euler Motors Private Limited. Based on the announcement, the investment will be made in one or more tranches to provide the Indian manufacturer a place in the growing electric vehicle market. It is to be noted that the electric three-wheelers are projected to account for 35 percent of the total sales in the near future.
"Our strategic investment in Euler is a bold step towards realizing 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 of Hero MotoCorp.
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The main investment will occur via equity shares and Series D compulsory convertible preference shares (CCPS), providing Hero MotoCorp with around 32.5 per cent ownership on a fully diluted basis in Euler Motors.
He added, "As a global automotive leader, Hero MotoCorp is driven by sustainability, innovation, and customer-centric progress. As we strengthen and diversify our presence in emerging mobility landscape, this investment allows Hero MotoCorp 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."
Euler Motors operates in 30 cities across India and is involved in the design, manufacturing, and sale and servicing of electric three-wheelers. They have recently introduced their first electric commercial four-wheeler.
"Our strategic investment in Euler is a bold step towards realizing 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 of Hero MotoCorp.
Also Read: No Charging; Pay And Ride Honda Activa e:? Battery Rentals Revealed
The main investment will occur via equity shares and Series D compulsory convertible preference shares (CCPS), providing Hero MotoCorp with around 32.5 per cent ownership on a fully diluted basis in Euler Motors.
He added, "As a global automotive leader, Hero MotoCorp is driven by sustainability, innovation, and customer-centric progress. As we strengthen and diversify our presence in emerging mobility landscape, this investment allows Hero MotoCorp 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."
Euler Motors operates in 30 cities across India and is involved in the design, manufacturing, and sale and servicing of electric three-wheelers. They have recently introduced their first electric commercial four-wheeler.
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