LML Electric, which has declared its intention to carry out three projects within a year when it next comes, hopes to put Rs 350 crore into the business, remembering to have set up another assembly plant, a senior executive from the company has said. the organization. Lohia Motors Ltd (LML), based in Kanpur, previously manufactured the iconic Vespa scooter in conjunction with Italians Piaggio and C Spa. He said the company had received many investment proposals from some major investors, but would only take a call after revealing its details in September this year.
We are considering our first investment of Rs 350 crore. The investment is intended for product expansion, setting up a new manufacturing facility and collaborations, among others, LML CEO Yogesh Bhatia told PTI.
In September last year, the company announced plans to re-enter the market with electric vehicles. In April this year, he said the company plans to unveil three EV products a hyperbike, an e-bike and an e-scooter by September and their subsequent launch between February and August next year.
Pointing out that LML Electric has so far been funded by parent company SG Corporate Mobility, Bhatia said management had discussed the proposals but asked potential investors for time as we want them to assess all aspects first. of our products once they are unveiled in September.
LML Electric has entered into a strategic alliance with Saera Electric Auto, Harley-Davidson’s former industrial partner in India, which has a production capacity of 18,000 vehicles per month, to manufacture its electric two-wheelers.
Bhatia also said the company has received land proposals from 2-3 states for a new manufacturing facility, which are being evaluated.
We are aiming for a real world-class electric vehicle manufacturing plant with a capacity to manufacture 1 million vehicles per year in the long term. The planned facility will have the flexibility to produce according to market demand, he said.
It usually takes 18 to 24 months to set up a factory, he said without giving a specific timeline for commissioning the proposed production facility.
Bhatia said the three products will cater to both domestic and international markets with e-bikes primarily aimed at the US and European markets, which have good racing tracks in addition to almost 100% penetration. Stating that LML Electric is starting from scratch with a 50-year legacy but without the baggage, unlike other electric vehicle manufacturers who have the baggage in the form of an ICE engine platform, among others, Bhatia said that the company was looking to solve the problems. of a buyer of electric two-wheelers with totally different, unique and innovative products.
He said that the company has made a detailed study of EV products by interacting with consumers and vehicle design houses, among others in Europe, adding that after which we can say that we are ready to create a new trend and category in EV space. Our product will definitely be accepted if we provide a completely different type of solution in the EV space, Bhatia asserted. Bhatia said LML Electric is also considering infrastructure charging, which is one of the key drivers for the adoption of electric vehicles in the country, without giving further details on the matter.
He said the company also plans to set up a studio-cum LML franchise in no less than 835 districts across the country, which will serve as an LBL hub to meet all customer vehicle requirements.
Summary of news:
- LML Electric plans 3 products next year, to design Rs 350 cr for expansion
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