Euler Motors, a New Delhi-based EV maker, has been in the news recently for laying off 10% of its workforce. The company was founded in 2018 by Saurav Kumar, a former engineer at US-based electric vehicle maker Tesla. Euler Motors is focused on developing electric commercial vehicles for the Indian market and has made significant strides in the last few years.
Company History and Overview:
Euler Motors is a relatively new company in the Indian EV industry. It was founded in 2018 with the goal of transforming the commercial transportation sector in India. Saurav Kumar, the founder, envisioned a future where electric vehicles would replace traditional petrol and diesel-powered vehicles, and the company has been working towards this goal ever since.
The company’s initial focus was on developing electric three-wheelers, which are widely used in India for transportation. Euler Motors’ first electric three-wheeler, called the Euler Nano, was launched in 2019. The company has since expanded its product portfolio to include electric cargo trucks and vans.
Funding and Investors:
Euler Motors has raised a total of $92 million in funding till date. The company’s latest funding round was a Series C round that closed in 2021. The round was led by prominent investors such as Flipkart co-founder Sachin Bansal and Abu Dhabi-based Crescent Enterprises.
Euler Motors has been performing well in the Indian EV market. The company’s electric vehicles have been well-received by customers, and the company has seen a steady increase in sales over the last few years. Euler Motors is also working on expanding its operations and setting up manufacturing facilities in different parts of the country.
Reasons for Layoffs:
In April 2023, Euler Motors announced that it would be laying off 10% of its workforce. The company cited restructuring as the reason behind the layoffs. Euler Motors is looking to streamline its operations and focus on core areas of the business. The company stated that the layoffs were a necessary step to ensure its long-term sustainability.
Number of Employees Laid Off:
According to reports, Euler Motors laid off approximately 70 employees in April 2023. The company’s total employee count before the layoffs was around 700.
Statement from Company Stakeholders:
In a statement released to the press, Euler Motors’ founder, Saurav Kumar, said, “Laying off employees is never an easy decision, but we have to do what’s best for the company. We are restructuring our operations to ensure that we are better equipped to handle the challenges of the EV market in India. We remain committed to our goal of transforming the commercial transportation sector in the country.”
In conclusion, Euler Motors has been a key player in the Indian EV market since its inception in 2018. While the recent layoffs may have come as a surprise to some, the company’s restructuring efforts are aimed at ensuring its long-term sustainability. With the continued support of its investors, Euler Motors is well-positioned to achieve its goal of transforming commercial transportation in India.