LML Electric has announced its plans to launch three products in the next 12 months. A high-ranking government official has stated that LML Electric is looking to invest Rs 350 crore in the enterprise and in establishing a new manufacturing plant.
Lohia Motors Ltd, Kanpur (LML), used to manufacture the Vespa Scooter with Italy’s Piaggio & C Spa.
In September last year, the corporate announced its plans to enter the market again with electric automobiles. The company stated in April that the corporation is planning to launch three EV products including a hyperbike, an electric scooter, and an e-bike. They will then be launched between February and August next year.
“We’re our first funding of Rs 350 crore. This funding is deliberate for product growth, establishing a brand new manufacturing facility and collaborations, amongst others,” said LML Chief Government Officer Yogesh Bhatia.
Although the company has received many funding offers from massive traders, he said that it will be able to name itself after revealing its merchandise in September.
Bhatia stressed that LML Electrical was funded by SG Company Mobility. He also mentioned that the company has received proposals from 2-3 states to build a new manufacturing facility. These are currently being evaluated.
LML Electric has formed a strategic alliance in India with Saera Electrical Auto. This is the former manufacturing partner of Harley-Davidson in India. It can produce its electric two-wheelers and has the capacity to manufacture 18,000 automobiles per month.
“We are aiming to build a world-class electric car manufacturing plant that can produce 1 million automobiles per year in the long term. He mentioned that the deliberate facility might be able to supply as much or less as the market demands.
He mentioned that it can take 18-24 months to set up a plant. However, he did not give a specific timeline for the commissioning.
Bhatia stated that all three products will be available for each market. The e-bikes are primarily aimed at the US and European markets which have excellent racing tracks and almost a 100% penetration.
Bhatia stated that LML Electric is starting from scratch with a legacy of 50 years old but no baggage. This is not the case with other electric car manufacturers who have the baggage in the form of an ICE engine platform. Bhatia also mentioned that the corporation is trying to address the ache points of an e-2-wheeler buyer with merchandise which could be “completely different, unique and progressive.”
He stated that the corporation has done an in-depth examination of the EV merchandise through interaction with shoppers and car designing homes in Europe. “Our product will be accepted if it offers a completely different type of answer within EV area.”
Bhatia stated that LML Electric can also set up EV charging infra. This is likely to be one of the most important components of the adoption process of electric automobiles within the country.
He said that the corporation plans to set up LML studio-cum franchises in as many 835 districts of India, which will be able to operate the LBL hub to meet all automotive-related needs.