Lohia has announced robust expansion plans aimed at driving the nation's electric vehicle (EV) industry to new heights. With an ambitious sales target and a strong market presence, Lohia is positioning itself to capitalise on the increasing demand for sustainable transportation solutions.
Lohia has set a significant sales goal, aiming to sell 25,000 electric two-wheelers and 10,000 electric three-wheelers. This target aligns with a pivotal time for the Indian EV market, which has recently surpassed the milestone of having one million EVs on the road. Notably, Lohia has achieved a commanding market share in the L5 category of three-wheelers, demonstrating its dominance and expertise in this segment.
With current market trends and consumer preferences shifting towards eco-friendly vehicles, Lohia is optimistic about the future of EVs in India. The company projects that by 2030, EVs will constitute a major portion of vehicles on Indian roads. In the two-wheeler sector, where Lohia currently holds a 5% market share, the company aims to increase this to between 30% and 50% by the end of the decade.
Ayush Lohia, CEO of Lohia, addressed some of the challenges facing the industry, including the recent reduction in government subsidies and the lack of battery cell manufacturing facilities in India. “While these factors have slowed growth in the last six months, we are optimistic about the future, particularly with the anticipated introduction of the FAME III policy, which is expected to allocate significant funds to boost the EV sector,” he stated.
To prepare for increased demand and ensure they meet future sales targets, Lohia is actively exploring expansion options. The company is considering setting up additional manufacturing facilities, spurred by government incentives for new investments in the EV sector.
Lohia is not just focusing on expanding its production capacity but is also innovating in areas like battery swapping technology and exploring partnerships to enhance its product offerings. Moreover, the company is committed to expanding its dealer network to provide superior service quality and customer engagement, with plans to establish separate outlets for its two-wheeler and three-wheeler ranges.
Addressing concerns about the FAME II subsidy investigations, Lohia clarified that it has maintained transparency with the Department of Heavy Industries to avoid any misunderstandings, affirming its commitment to compliance and ethical business practices.