Euler Motors, an Electric Vehicle start-up based in Delhi, has announced its decision to lay off 10 per cent of its workforce, which comes to 180-200 employees. The company said the layoff is part of its restructuring efforts.
The announcement comes a few months after another EV start-up, electric scooter maker Bounce, announced a mass layoff.
“We are restructuring our company to better deliver to customers as well as to investor expectations of greater efficiency in the context of changing global circumstances,” a Euler Motors spokesperson said.
The company, which has over 500 employees, said its decision to restructure would affect approximately 10 per cent of its employees from across the organisation.
The company spokesperson said many of those who have been laid off made "invaluable contributions" to the growth and success of the company. Those who have been laid off will be offered an “appropriate” severance package.
“We continue to maintain year-on-year growth with a strong product orderbook, and remain steadfast in our pursuit to develop the most superior products delivering the best ROI in the categories that we operate in,” the company statement had read.