Delhi NCR-based electric vehicle company Euler Motors has raised INR 6.38 billion in Series D round, which was led by Hero MotoCorp and British International Investment (BII). With this, the EV maker has raised around INR 14 billion to date.

The company aims to utilise the fund towards expanding its sales & service network, and advancing new product development.

At present, the company’s product portfolio includes an electric three-wheeler the HiLoad EV and StormEV, the country’s first ADAS-equipped four-wheeler Light Commercial Vehicle (LCV).

Saurav Kumar, Founder & CEO, Euler Motors, said, “We are excited to welcome Hero MotoCorp as a strategic investor in Euler Motors. This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand.”

Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp, said, “The strategic investment in Euler reinforces our commitment to accelerated growth through both organic and inorganic expansion, while highlighting the power of collaboration and adaptability in an ever-evolving market. As a global automotive leader, Hero MotoCorp is driven by sustainability, innovation and customer-centric progress. As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility.”

Abhinav Sinha, Managing Director and Head of Technology, Telecoms and Sustainable Industrials, British International Investment, said, “We are pleased to deepen our partnership with Euler Motors as it scales its operations and brings next-generation EVs to more people in India. Since our initial investment in 2023, Euler Motors have advanced e-mobility adoption and created better jobs. This aligns closely with our ambition to support India’s net zero emissions target and enables us to drive scalable impact in a sector vital to both economic growth and environmental progress.”

Some of the key investors at Euler Motors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund.

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In what comes as a major announcement in the commercial vehicle industry, Tata Motors, one of India’s leading CV player, is set to acquire Europe’s Iveco Group’s CV business for EUR 3.8 billion. The transaction, if approved, is expected to close in the first half of 2026.

The deal once through will create a ‘force majeure’ in the global CV industry, combining Tata Motors’ frugal engineering strength with Iveco Group’s strength in electrification and the alternative energy domain.

The offer, made by Tata Motors CV Holdings (a Tata Motors affiliate), aims to acquire 100 percent of Iveco’s common shares post the separation of Iveco’s defence business. The tender offer price is set at EUR 14.1 per share, with an additional estimated EUR 5.5–6.0 per share dividend to be distributed from the proceeds of the defence business sale.

Exor N.V., Iveco's largest shareholder, has agreed to tender its 27.06 percent stake and support the proposed resolutions at Iveco’s upcoming extraordinary general meeting (EGM). The deal has the unanimous backing of Iveco's board, which has recommended the offer to its shareholders.

The combined group will operate across key markets including Europe (50 percent), India (35 percent) and the Americas (15 percent), with annual sales of approximately 540,000 units and combined revenue of around EUR 22 billion. Tata Motors and Iveco expect the partnership to enhance their ability to invest in zero-emission transport, optimise global supply chains and expand product innovation.

Subject to regulatory approvals and shareholder support, the parties plan to finalise the separation of Iveco’s defence business by March 2026. Should this not occur through a sale, the business will be spun off into a newly listed entity by April 2026 to allow the main offer to proceed.

As part of the understanding, Tata Motors has also committed to a two-year non-financial covenant period post-settlement, including no direct workforce reductions or plant closures and preserving Iveco’s identity, brands and headquarters in Turin, Italy.

Both companies emphasised that the move will establish a globally competitive platform equipped to address shifting mobility trends and create long-term value for stakeholders.

The combined group will be better positioned to invest in and deliver innovative, sustainable mobility solutions by leveraging both supplier networks to serve customers globally. It will also unlock superior growth opportunities and create significant value for all stakeholders in a dynamic marketplace. By preserving each group’s industrial footprint and employee communities, this complementarity is also expected to foster a smooth and successful integration process. It will also enable the capabilities of Iveco Group’s successful powertrain business, FPT, to be further enhanced.

Natarajan Chandrasekaran, Chairman, Tata Motors, said, “This is a logical next step following the demerger of the Tata Motors Commercial Vehicle business and will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe. The combined group's complementary businesses and greater reach will enhance our ability to invest boldly. I look forward to securing the necessary approvals and concluding the transaction in the coming months.”

Suzanne Heywood, Chair, Iveco Group, said, "We are proud to announce this strategically significant combination, which brings together two businesses with a shared vision for sustainable mobility. Moreover, the reinforced prospects of the new combination are strongly positive in terms of the security of employment and industrial footprint of Iveco Group as a whole.”

Girish Wagh, Executive Director, Tata Motors, said, "This combination is a strategic leap forward in our ambition to build a future-ready commercial vehicle ecosystem. By integrating the strengths of both organisations we are unlocking new avenues for operational excellence, product innovation and customer-centric solutions. This partnership not only enhances our ability to serve diverse mobility needs across markets, but also reinforces our commitment to delivering sustainable transport solutions that are aligned with global megatrends. Together, we are shaping a resilient and agile enterprise, equipped to lead in times of transformative change."

Olof Persson, CEO, Iveco Group, said, “By joining forces with Tata Motors, we are unlocking new potential to further enhance our industrial capabilities, accelerate innovation in zero-emission transport, and expand our reach in key global markets. This combination will allow us to better serve our customers with a broader, more advanced product portfolio and deliver long-term value to all stakeholders.”

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Mumbai-based automotive major Mahindra & Mahindra has no plans to develop electric bus under its own brand, in fact, it is betting on SML Isuzu’s development to roll out its first e-bus offering.

It was in April 2025, Mahindra officially announced its plans to acquire majority stake in commercial vehicle major SML Isuzu, which would play a key role in strengthening its footprint in the CV industry.

At present, Mahindra holds a modest 3 percent market share in this space, compared to its dominant 52 percent share in the <3.5-tonne light commercial vehicle (LCV) market. With the addition of SML’s capabilities and brand strength, Mahindra expects to immediately double its market share to 6 percent, and is aiming for 10–12 percent by FY2031 and over 20 percent by FY2036.

In a recent investor call, Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector, Mahindra & Mahindra, revealed that “SML Isuzu has developed its electric bus, whatever we do will be through that entity. There is no plan to do any e-bus in the Mahindra portfolio.”

In theory, this would enable Mahindra to continue to focus on its ICE-portfolio, while the integration of SML Isuzu will enable it to leverage the development of an alternative energy portfolio, such as CNG and electric powertrains in the CV segment.

What would be interesting to note is that with SML Isuzu's electric bus platform, will Mahindra also look at cross-badging as an option? Only time can tell. 

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Tata Motors, one of the largest commercial vehicle manufacturers in India, is set to further strengthen its business with the acquisition of Italian CV major Iveco for USD 4.5 billion, said an Economic Times report.

The move is one of the largest acquisitions for Tata Motors’, and is said to be the second largest acquisition for the Tata Group after Corus.

While there has been no formal announcement from either party on such a negotiation between them, a formal update from Iveco stated that ‘it is engaged in ongoing, advanced discussions with different parties for potential transactions involving its defence business, on the one hand, and the balance of the company (CV business) on the other.’

For the unversed, Iveco operates several businesses: it produces commercial vehicles for road and off-road use, including models with natural gas and ecological diesel engines. Iveco Bus focuses on passenger transport, offering urban and intercity buses, tourism coaches and minibuses, with an emphasis on sustainable mobility solutions like natural gas and electric vehicles. Heuliez specialises in electric city buses, with a history of developing electric mobility products. FPT Industrial manufactures industrial powertrains and alternative propulsion systems for various vehicle types and power generation, also developing electric propulsion and energy storage solutions.

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Japanese truck maker Isuzu Motors and Swedish auto major Volvo Group have signed a new strategic agreement that will support joint development by Isuzu Motors and UD Trucks of a common platform for medium-heavy-duty truck models for the Japanese and other Asian markets, utilising Volvo Group technology.

The announcement builds on the strategic partnership framework agreement originally established in October 2020. This long-term collaboration, set for a minimum duration of 20 years, takes up the possibilities and challenges of the logistics industry of the future, maximising value and benefits for customers as well as for society.

As per the new agreement, Volvo Group will continue to supply key components, especially powertrains along with providing technical support in development and quality assurance.

Masanori Katayama, Chairman & CEO, Isuzu Motors, said, "This new agreement marks a significant milestone in the deepening of trust and collaboration between Isuzu Motors and Volvo Group. By combining our technological strengths and expertise, we are paving the way for the future of medium heavy-duty trucks in Japan and across Asia. And it will further enhance the stability and reliability of our products and services for customers."

Martin Lundstedt, President and CEO, Volvo Group, said, "This setup creates a true win-win. By leveraging shared technology, both parties can drive industrial efficiency and long-term value for customers. It strengthens our ability to grow revenues while contributing to a more competitive offering in the Asian market."

The partners aim to complement each other’s strengths, leverage respective technologies and create larger scale synergies to further strengthen their strategic alliance and address future logistics challenges.

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