LML to enter EV segment; Plans 3 electric two-wheelers through Rs 350 cr investments

Highlights :

  • The three products that LML will uncover in September, 2022, will be a hyperbike, an electric motorcycle and an electric scooter.
  • LML wants to tap both domestic and foreign markets. It says that the US and European markets are its key targets as they have good racing tracks and also almost absolute penetration of EVs.

Lohia Motors Ltd or what is popularly known as ‘LML’ has said that its planning to enter the electric vehicles segment by rolling out three electric two wheelers and will invest Rs 350 crore for the same, including a manufacturing facility. LML, or at least its old version, shut down in 2018, after a series of mishaps including poor management, and had shut down in 2018, unable to adapt to a new market. It was in 2021 that SG Corporate Mobility acquired the brand name, and planned on turning the firm into an EV manufacturer as LML Electric.

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The three products that LML will uncover in September, 2022, will be a hyperbike, an electric bike and an electric scooter. LML has planned the launch of the products between February and August, 2023.

LML CEO Yogesh Bhatia has informed that LML has received proposals from some big investors but a call will be taken only after the electric two wheelers of the company are unveiled as it will allow the investors to evaluate all aspects first. He added that similarly, some states have also approached the LML with proposal for land to help setting up of the manufacturing unit. Until now, the LML has been completely funded by SG Corporate Mobility which is the parent company.

Bhatia said, “We are aiming for a truly world-class electric vehicle manufacturing facility with a capacity to manufacture 1-million vehicles per year in the long term. The planned facility will have the flexibility to produce as per the market demand.” LML wants to tap both domestic and foreign markets. It says that the US and European markets are its key targets as they have good racing tracks and also almost absolute penetration of EVs.

The vision of LML Electric also forays into the electric vehicles charging infrastructure segment as its also crucial for the faster adoption of EVs in India. As per Yogesh Bhatia, LML will create studio-cum franchises in a whopping 835 districts that will cater to all vehicle concerned needs to the customers.

In January this year, LML Electric had announced that it collaborated with Saera Electric Auto under which the latter’s Bawal manufacturing facility was to be used to produce 18,000 electric two-wheelers every month for LML.

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