New Delhi, Feb 24 (PTI) Electric three-wheeler start-up Euler Motors on Thursday said it plans to invest Rs 200 crore in the next 12 months to ramp up its production capacity.
The Delhi-based company plans to increase its production capacity to 3,000 vehicles units per month by mid-2022.
The company currently operates out of its integrated R&D (research and development) and corporate office in Delhi that has a production capability of 4,000 vehicles per annum.
It now plans to reach 35,000 units per annum by the end of FY23.
The enhanced production capacity will not only help to speed up delivery against this current order book — but also to meet the projected demand from Delhi NCR, Bengaluru, Hyderabad, Chandigarh and Pune.
“Our investments in capacity expansion are an effort towards fulfilling the growing demand and expanding our market footprint across the country,” Euler Motors founder and CEO Saurav Kumar said in a statement.
The company will invest Rs 200 crore in the next 12 months to develop advanced shop floors in order to drive up production capacity in its two existing facilities across Delhi-NCR. It will also set up an automated battery line for its patented liquid-cooled battery pack technology.
Currently, Euler Motors sells HiLoad electric three-wheeler. PTI MSS HRS hrs
