LML Electric is looking forward to make an investment of Rs 350 crore in the business, including in setting up a new manufacturing plant.
The Kanpur-based Lohia Motors (LML) earlier used to make the Vespa Scooter in collaboration with Piaggio and C Spa.
The company in September 2021, announced its plans to re-enter the market with electric vehicles. The company is looking to unveil three EV products-a hyperbike, an e-bike and an electric scooter-by September 2022 and their subsequent launch between February and August 2022.
This investment is planned for product expansion, setting up a new manufacturing facility and collaborations, among others. The company has received proposals for land from two to three states for a new manufacturing facility, which are being evaluated.
LML Electric has entered into a strategic alliance with Saera Electric Auto which has a capacity to produce 18,000 vehicles per month, to manufacture its electric two-wheelers.
The company plans an electric vehicle manufacturing facility with a capacity to manufacture one million vehicles per year in the long term. The planned facility will have the flexibility to produce as per the market demand.
The company also plans to set up LML studio-cum franchise across 835 districts which will serve as the LBL hub for meeting customers' all vehicle-related requirements.