LML Will Launch A New Electric Scooter To Challenge Ola Electric, Ather (Full Details)
Launched initially in 1972, the iconic Lohia Machinery Limited, or LML has announced plans to re-enter the Indian two-wheeler segment with an all-new electric vehicle.
The Kanpur-based two-wheeler manufacturer LML, in a media release yesterday announced that it will be making its comeback in the very still nubile Indian electric vehicle space, with the release of its electric scooter.
While the defunct company did not release any information about the details of its new e-scooter or the plans surrounding it, it did notify that its product is going to be ‘disruptive’ in the current EV space.
The company revealed that it has been backed up by an unnamed investment partner and is currently laying the groundwork to reappear in the market with its electric scooter.
LML to Foray Into EV Space
LML has reported to be working exclusively on its electric scooter, which will disrupt the electric vehicle segment in the country.
Termed as ‘LML Electric’, the Kanpur-based two-wheeler company has confirmed that its foray into the Indian auto market will present state-of-the-art electric scooter.
The company has not shared any details about when the product will launch into the market or much details about the product itself.
However, it has mentioned to have an extensive strategy planned to conduct its comeback into the auto space. It is backed up by large investments with an investing partner.
LML Electric’s MD & CEO, Dr. Yogesh Bhatia said, “We’re extremely excited to make a significant comeback. We are actively working on the product development strategies in order to introduce a highly innovative product equipped with the best of technology to enable & strengthen the urban mobility space. We would like to empower the upper-middle and urban segments of society with our range of premium products to drive the change.”
The company adds that it has plans to invest approximately Rs 1,000 crore over the next 3-5 years for the same.
LML is presently looking out for securing sites in Madhya Pradesh and Haryana for setting up a manufacturing plant and plans to open around 1,000 dealerships across the country depending on demand and market potential, states Rushlane.