LML has showcased Orion electric bicycle, Star electric scooter, and Moonshot electric bike, a crossover of an electric bike and a motorcycle. The prices were not revealed at the time of the showcase.
Yogesh Bhatia, MD & CEO, LML Electric, confirmed that only Moonlight and Star electric scooters will be launched in India during the second half of 2023. LML's first electric two-wheeler (E2W) will be launched in Europe during the first half of 2023.
'We went to Europe and found out how much the people there adore the LML brand. LML will launch its first electric bycycle in Europe and the USA,' Bhatia said.
The OEM has also revealed a new logo, which according to Bhatia, resonates with the progress and evolution that is taking place in the automobile sector. LML is eying revenues of INR 300 crore within the first year of its commencing deliveries of the E2Ws.
The investment in the first phase is to the tune of INR 350 crore. 'We are also trying to raise INR 400 crore for the next phase of investment,' Bhatia announced at the press briefing.
The OEM signed a Memorandum of Understanding (MoU) with Saera Electric to manufacture E2Ws. Aiming to start E2W exports with a consignment of 1,000 e-bicycles to Europe, LML E2Ws will also be looking to establish its own manufacturing facility in India by 2025.