Hero MotoCorp Buys 32.5 Per Cent Stake In Euler Motors

Hero has made a strategic investment of ₹525 crore in commercial EV manufacturer, Euler Motors. This will translate into a 32.5 per cent stake in Euler Motors, and the investment will be made in one or more tranches on a fully diluted basis. 

This investment also finally marks Hero’s entry into the commercial vehicle space, which is already populated by two of its key rivals, TVS Motor Company and Bajaj Auto. The duo already have the King EV Max and Maxima XL Cargo electric CVs, respectively. But where Euler Motors takes the lead over these manufacturers is with its recently launched electric LCV, the Storm EV. It is the country’s first ADAS-enabled electric LCV with supporting features like front collision alert, dash camera with night vision technology, and much more. 

(Also Read: Euler Motors Launches India’s First CV With ADAS Technology)

It isn’t like Hero hasn’t tried its hand with e-CVs. It  unveiled a unique three-wheeler concept called the Surge S32 last year at the Hero World 2024. It is a unique three-wheeler that can be converted into a two-wheeler for personal use. Hero has already worked with the government to create a new vehicle category called L2-5, for this new product. Perhaps, with Euler’s groundwork into the distribution channels across India, Hero will gain further knowledge for its products. Like it has done earlier with Ather, where the learnings were put to use in the Vida e-scooters.

This isn’t the first electric brand that Hero has aligned itself with. The world’s largest two-wheeler manufacturer is the biggest backer of Ather Energy for years. It has also partnered up with American electric motorcycle maker, Zero Motorcycles, to fuel its premium electric ambitions. Hence, this would be a key move in strengthening its overall portfolio.

(Also Read: Hero Surge S32 - 3 Wheeler That Can Transform Into Electric Scooter)

Pawan Munjal, the Executive Chairman of Hero MotoCorp believes that electric vehicles will account for 35 percent of commercial vehicle sales in the near future. Both TVS and Bajaj have experienced positive growth with their respective commercial EVs. With Euler Motors already present in 30 cities in India, this investment will further help bring in the necessary resources to expand further, and ramp up production.