It has said it will launch three EV products, the Hyperbike, the e-bike and the electric scooter, by September next year, and plans to launch all three products in succession between February and August 2023. Speaking to LML CEO Yogesh Patia, Rs. Our investment of Rs 350 crore is planned for product expansion, new manufacturing plant and collaboration.
Our company has received many investment projects from some big investors. He said the company aims to set up a world-class electric vehicle plant capable of producing one million vehicles a year.
Noting that LML Electric has so far received financial support from its parent company SG Corporate Mobility, Patia said management had discussed the proposals, but we would like future investors to first evaluate all their features once the details of our products are fully released. So they have been asked for time.
Also speaking in Patiala, we have so far received land proposals from 2-3 states for setting up a new production plant. He also said that they are being evaluated. LML Electric has entered into a partnership with Saara Electric Auto, a former manufacturing partner of Harley-Davidson in India to manufacture its electric two-wheelers. Saera Electric Auto is capable of producing 18,000 vehicles per month.
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Meanwhile, Patia said the three products to be launched next year will target domestic and international markets, mainly the US and European markets. Patia said LML Electric is also looking at charging infrastructure, one of the key factors needed to increase electric vehicles in the country. He said he plans to set up an LML studio-cum franchise in 835 districts of the country, which will serve as an LML center that caters to all customers’ vehicle-related needs.
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