Euler Cuts Huge Percent Of Its Workforce

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Euler Motors, an Indian electric vehicle (EV) manufacturer, has laid off 10% of its workforce, or around 180-200 employees, in a restructuring effort. The move comes just six months after the firm raised $60m in its series C funding round. A company spokesperson said the decision to restructure aimed to deliver better results to customers while also meeting investor expectations for greater efficiency amid changing global circumstances. The firm is the second EV start-up to report layoffs this year. Euler Motors, founded in 2018, has collaborations with companies including BigBasket and Flipkart to provide them with EV fleets for logistics and delivery.

Euler Motors’ layoff also comes on the heels of the launch of its new vehicle. In a separate statement today, the startup announced the launch of its advanced version of HiLoad EV 2023, which it claims to have the highest battery pack and range in the three-wheeler cargo segment. It’s interesting to note that Euler Motors has launched a new vehicle despite the recent layoffs. The new vehicle, called the HiLoad EV 2023, is an advanced version that claims to have the highest battery pack and range in the three-wheeler cargo segment. The startup had raised $60 million in its Series C funding round in October last year from Singapore’s sovereign fund GIC and other investors like Blume Ventures, ADB Ventures, and Athera Venture Partners.

It seems like the commercial three-wheeler goods vehicle segment is seeing steady growth, with an increase in registrations from 71,657 in 2021 to 82,850 in 2022. And in the current year, 28,441 units have already been registered. Euler Motors operates in this segment and competes with other companies such as Piaggio, Mahindra, and Altigreen Propulsion Labs.