Kanpur-based scooter maker LML Electric is planning to invest Rs 1,000 crore over the next 3-5 years with plans to re-enter the two-wheeler market by end of 2022, reports Economic Times.
The company is said to have received proposals for collaboration from technology partners in Germany, Japan and South Korea. The company is simultaneously talking with investors for the project and the talks are likely to conclude soon.
Yogesh Bhatia, the company’s managing director,o said that LML Electric’s first electric vehicle will be priced competitively. He further added that the company aims to target upper-middle-class customers and urban segments of society.
The company is presently in talks with the Governments of Haryana and Madhya Pradesh to set up a manufacturing unit with a total installed capacity of 1,00,000 units per annum. Based on how the discussions progress, the company may decide to set up production and parts manufacturing units in either one or both locations.
Bhatia, however, clarified that LML Electric is a separate entity from the LML of yesteryear. He said, “We acquired the brand last month. But it is a completely new company.”