Euler Motors: Reduce Rare-Earth Use to Cut EV Costs

New Delhi - Euler Motors CEO Saurav Kumar urged automakers, especially in the light commercial vehicle segment, to reduce reliance on rare-earth magnets-mostly imported from China-to lower costs and insulate production from global supply disruptions.
Kumar said Euler has developed technology that operates without rare-earth magnets and has already produced thousands of electric three-wheelers using those solutions. Recent Chinese export curbs on critical minerals have heightened concerns across automotive, electronics and defense supply chains.
Affordability and performance remain the main barriers to wider EV adoption in India, Kumar noted, with many buyers still choosing petrol or diesel vehicles for cost and performance reasons. To address that gap, Euler on Monday launched the Turbo EV1000 electric mini truck, priced from Rs 5.99 lakh ex-showroom, offering a certified one-tonne payload and claimed performance comparable to similarly priced internal combustion trucks.
Kumar also said recent GST cuts for small ICE vehicles (from 28% plus cess to 18%) have narrowed EV price advantages, although Euler’s pricing strategy keeps its models competitive. Policymakers and manufacturers will need to combine tax, design and supply-chain measures to accelerate adoption.