Home-grown scooter brand LML set to sail overseas in all-new avatar
LML – a popular home-grown scooter brand of yesteryears – is set to sail overseas in an all new avatar with its current owners firming up plans to commence sales of electric two-wheelers in the European Union starting next year.
SG Corporate Mobility, which acquired the LML brand last year, is readying for launch three products – an e-bike, a hyperbike and electric scooter – in 2023. While the first two products will also be on sale in India, the primary target markets will be countries in the European Union and the United States. SG Corporate Mobility makes consumer electronics.
“There is a massive demand for e-bikes in Europe and the US. We want to leverage India’s cost competitiveness as a manufacturing base and ship out semi-knocked kits (SKDs) for sale overseas, ” said Yogesh Bhatia, managing director & CEO, LML Electric. LML Electric is targeting revenues of Rs 300 crore in its first year of operations from domestic sales and exports.
The group company is investing Rs 350 crore to kickstart operations at LML Electric. Discussions are underway with investors to raise an additional Rs 400-500 crore to expand operations, with the funding round expected to close by March 2023.
Currently, LML Electric has a contract manufacturing agreement with Saera Electric Auto to produce electric two-wheelers at Bawal, Haryana. The facility was formerly used to assemble cult American brand Harley Davidson motorcycles, which had taken the plant on lease. It was purchased last year by Saera for an undisclosed sum after the American motorcycle maker made suddenly shut manufacturing in India.
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