In a significant development, automobile giant Hero MotoCorp has gained a 34.10% ownership in Euler Motors by investing ₹510 crore.
Hero MotoCorp, a leading name in the Indian two-wheeler market, has made a significant move with its acquisition of Euler Motors. This strategic move marks the company's entry into the commercial vehicle space, specifically the electric three-wheeler segment.
The acquisition, which was finalised in March 2025, cost Hero MotoCorp ₹510 crore for a 34.10 per cent stake in Euler Motors. This move is expected to help Hero MotoCorp bring the Surge S32, a unique three-wheeler concept showcased last year, into production.
The Surge S32 offers a unique flexibility, as it can be converted from an electric scooter into an electric three-wheeler, providing users with the best of both worlds. This versatile vehicle is set to expand Hero MotoCorp's reach beyond its traditional two-wheeler market.
Euler Motors, led by founder Saurav Kumar, has already made waves in the electric vehicle industry with its ADAS-enabled electric truck, the Storm EV. The Storm EV, the country's first ADAS-enabled electric LCV, features advanced supporting features like front collision alert, dash camera with night vision technology, and more.
Hero MotoCorp's foray into the electric three-wheeler segment will see it competing with established brands such as TVS and Bajaj Auto, both of which have been in the three-wheeler business for decades. TVS Motor Company and Bajaj Auto already have electric CVs, the King EV Max and Maxima XL Cargo, respectively.
However, Euler Motors has an advantage with its existing dealership network, which could help Hero MotoCorp quickly establish a presence in the emerging electric three-wheeler segment.
It's worth noting that Hero MotoCorp already has its own electric vehicle division, VIDA. The company also has a stake in recently listed Ather Energy. With these investments, Hero MotoCorp is positioning itself as a key player in the Indian electric vehicle market.
As Hero MotoCorp continues to expand its EV portfolio, it's an exciting time for the company and the industry as a whole. The acquisition of Euler Motors is a significant step forward in Hero MotoCorp's mission to become a leading player in the electric vehicle market.
Stay tuned for more updates as Hero MotoCorp continues to shape the future of mobility in India.
