CMV360 Weekly Wrap-Up | 18th May – 23rd May 2025: EV Investments, New Electric Autos, Truck AC Mandate, Strategic Partnerships, and Tractor Sales Boom

Welcome to the CMV360 Weekly Wrap-Up for 18th to 23rd May 2025, your go-to summary for key developments in India’s commercial vehicle, electric mobility, and agriculture sectors.

This week, Hero MotoCorp invested in Euler Motors’ ₹638 crore funding round to boost EV expansion, while Bajaj Auto narrowed its sales gap with Mahindra in the electric three-wheeler segment. The government mandated AC cabins for all new trucks from October 2025, aiming to improve driver comfort and safety.

TVS launched the King EV MAX in Tamil Nadu and signed an MoU to supply 500 units to OOR Cabs, and Mahindra marked 1 lakh Treo customers with a limited edition launch. Maruti Suzuki partnered with SMFG India Credit to ease commercial vehicle financing, while PPS Motors opened a 24/7 BharatBenz workshop in Lucknow.

EKA Mobility received PLI certification for its electric bus platform, highlighting local EV manufacturing progress. In agriculture, tractor sales are projected to cross 10 lakh units in FY26, with Uttar Pradesh seeing a 62% rise in ownership since 2016 due to subsidies and growing rural demand.

Let’s dive into the major stories shaping India’s mobility and agri-tech future.

Euler Motors Raises ₹638 Crore in Series D Funding, Welcomes Hero MotoCorp as Strategic Investor

​Euler Motors has raised ₹638 crore in Series D funding, led by Hero MotoCorp, which also joins as a strategic investor. British International Investment continues its support. The funds will help expand EV sales, service networks, and product development. With this round, Euler’s total funding reaches ₹1,420 crore. The company plans to lead India’s commercial EV shift with innovative vehicles like the HiLoad EV and StormEV, aiming to become the country’s top electric commercial vehicle brand.

Bajaj Auto Closes Gap with Mahindra in Electric Three-Wheeler Market

​Bajaj Auto’s GoGo EV narrowed its sales gap with Mahindra to just 123 units in the L5 electric three-wheeler segment, capturing a 36% market share. Priced at ₹3.26 lakh with a 251 km range, GoGo now leads the passenger EV space with 39%. Bajaj also dominates the non-electric 3W market (74% share) and hit EBITDA breakeven in EVs. Chetak topped electric scooter sales in two of the first four months of 2025, boosting Bajaj’s overall EV momentum.

AC Cabins Mandatory for Trucks in India from October 2025

​Starting October 1, 2025, all new N2 and N3 trucks in India must have AC cabins to improve driver comfort and safety. Proposed in 2016 but delayed due to cost concerns, the rule now aims to protect drivers from extreme heat, enhance road safety, and reduce fatigue-related accidents. Supported by drivers and unions, this move marks a positive shift in valuing driver well-being. Though OEMs raise cost concerns, the benefits for health and productivity outweigh the challenges.

Raghavendra Vaidya to Succeed Marcus Claesson as Daimler Truck CIO from June 2025

​Raghavendra Vaidya will become Daimler Truck’s CIO on June 1, 2025, succeeding Marcus Claesson. Currently CEO of DTICI, Vaidya brings over 25 years of IT experience and has led key digital initiatives. He joined Daimler in 2016 after senior roles at GE. Claesson, known for building Daimler Truck’s IT systems and connecting over 1 million vehicles, is stepping down. Vaidya’s appointment reflects Daimler’s focus on digital transformation and data-driven innovation across its global operations.

TVS Launches King EV MAX Electric Auto in Tamil Nadu

​TVS Motor has launched the King EV MAX electric auto in Tamil Nadu, offering up to 179 km range on a single charge. Priced from ₹2.95 lakh, it features fast charging (80% in 2 hours 15 minutes), smart navigation, safety doors, and a 6-year warranty. With three drive modes and spacious design, it aims to boost driver comfort and earnings. The King EV MAX is a strong contender in the electric three-wheeler segment, suited for city transport and small businesses.

Mahindra Treo Limited Edition Launched with Only 1,500 Units to Mark 1 Lakh Customer Milestone

​Mahindra has launched the Treo Limited Edition electric auto to celebrate 1 lakh happy customers, with only 1,500 units available on a first-come, first-served basis. It features bold styling, premium interiors, reverse camera, and USB ports. Powered by an 8kW motor and 10.24 kWh battery, it offers a 150 km real-world range and 55 kmph top speed. With stylish design and practical features, the Treo Limited Edition stands out as a smart, exclusive choice for urban electric mobility.

Maruti Suzuki Joins Hands with SMFG India Credit to Boost Commercial Vehicle Financing

​Maruti Suzuki has partnered with SMFG India Credit to provide easy financing for Super Carry and Eeco Cargo vehicles. This initiative targets small business owners and fleet operators, especially in semi-urban and rural areas. The collaboration will offer digital, end-to-end credit solutions through Maruti dealers, making vehicle purchases and financing simpler. With reliable cargo vehicles and tailored loans, this move aims to boost commercial vehicle ownership and support small business growth across India.

PPS Motors Opens 24/7 BharatBenz Workshop in Lucknow to Serve 7,500 Vehicles Yearly

​PPS Motors has launched its first 24/7 BharatBenz workshop in Lucknow, located on the Lucknow–Kanpur Highway. The 60,000 sq ft facility features 15 service bays and is staffed by 85 trained professionals. Designed to boost vehicle uptime and business profitability, it caters to trucks and buses working on major projects. With this opening, PPS Motors now operates 59 BharatBenz service points across India and plans to expand further in Uttar Pradesh, reinforcing its commitment to dependable commercial vehicle servicing.

EKA Mobility Gets PLI Certificate for Electric Bus Platform from ARAI

EKA Mobility has received the Automotive PLI Certificate from ARAI for its electric bus platform, confirming its compliance with India’s localization and technical standards under the PLI scheme. This certification highlights EKA’s commitment to the “Make in India” initiative with in-house design, local manufacturing, and a flexible, lightweight EV platform. Supported by global partners Mitsui and VDL Groep, EKA aims to promote sustainable, cost-effective electric mobility solutions for public transport across India.

TVS Motor Signs MoU with OOR Cabs to Supply 500 King EV MAX E3Ws

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TVS Motor will supply 500 King EV MAX electric autos to OOR Cabs in FY 2025–26 to promote green transport and job creation in smaller Tamil Nadu cities. The King EV MAX offers a 179 km range, fast charging, SmartXonnect Bluetooth, and features like thermal roofs and mobile charging ports. With three drive modes and upgraded comfort features, the vehicle aims to modernize passenger travel. The partnership also focuses on inclusive driver hiring and monthly EV additions to the fleet.

India's Tractor Industry Set to Hit 10 Lakh Sales in FY26 Amid Strong Monsoon, Rural Growth, and Rising MSP

​India’s tractor industry may hit a record high in FY26, with sales expected to cross 10 lakh units for the first time. April 2025 already saw an 8% growth with 83,000 units sold. A strong monsoon forecast, high reservoir levels, rising mechanisation, and easier finance are boosting rural demand. Major players like Mahindra, Escorts, and TAFE anticipate strong growth this year, driven by better crop prospects and government support for the agricultural sector.

Uttar Pradesh Sees 62% Jump in Tractor Ownership Since 2016: Government Subsidies, Modern Farming Tools, and Income Growth Drive Record Rise in Tractor Numbers

Uttar Pradesh has seen a 62% rise in tractor ownership over eight years, growing from 88,000 to 1.42 lakh units, thanks to increased farmer income, government subsidies, and wider use of tractors in various farming tasks. The state is promoting mechanized and modern agriculture through education, irrigation projects, and transparent crop procurement. With India’s tractor sales projected to cross 10 lakh this year, UP’s initiatives are helping shape a more productive and farmer-friendly agricultural future.

Also Read: CMV360 Weekly Wrap-Up | 11th May – 17th May 2025: Major EV Investments, Hydrogen Truck Launch, Bus Reforms, Strategic Alliances, and Policy Push for Smart Farming

CMV360 Says

This week’s developments highlight India’s ongoing shift toward sustainable mobility and agricultural growth. From Hero MotoCorp’s major EV investment and TVS’s new electric auto rollout to truck safety reforms and rising tractor adoption, the focus remains on innovation, comfort, and rural empowerment. As these sectors continue to advance, CMV360 will keep you updated with the stories driving India’s commercial and agri-tech transformation.