We're watching Euler Motors' expansion plans with interest as a signal of real strength in India's electric commercial vehicle market. The company is on track to nearly double production — from 1,000–1,200 vehicles a month to close to 2,000 — within five to six months, scaling through modular line additions rather than one large capex push. What stands out to us is that demand held firm through April–June, typically a slow quarter for commercial vehicles. Backed early by Hero MotoCorp and having raised roughly ₹1,900 crore to date, Euler sold 7,576 units in FY26, up 81% year-on-year. We're also encouraged by its in-house electronics strategy, 90–95% controlled internally, which reduces supply chain risk, and its focus on localizing battery cells and motor technology as the next frontier for India's EV ecosystem.
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