LML's first electric two-wheeler (E2V), an e-cycle, will be launched in Europe during the first half of 2023. Yogesh Bhatia, MD & CEO, LML Electric, told Mobility Outlook that the reason behind this is 'strategic.' 'Europe is a tried and tested market for electric vehicles,' he said.
The European e-bike (e-cycle) market was valued at $9.01 billion in 2021, and it is expected to reach $18.26 billion in 2027, registering a CAGR of 12.97% during the 2022 to 2027 period.
LML e-bike, once launched in Europe, will make its way to the United States at a later stage, but before India. Notably, the e-bike market is estimated to grow from $49.7 billion in 2022 to $80.6 billion by 2027. In comparison to the US and Europe, India is a very small market for e-cycles, valued at $1.14 million in 2021, and it is expected to reach $2.31 million by 2027.
Electric Scooter For India
Touted to be LML Electric's first E2V in India, this electric scooter will be launched during the second half of 2023. 'The LML nostalgia in India is associated with its scooters. Hence, our first launch will be an electric scooter here,' Bhatia said.
Safety and reliability are the reason behind the company strategising such a vast timeline for launching E2V in India and other parts of the world. Bhatia noted that his team does not want to launch a product in haste and play with consumers' sentiments. 'Instead, we will focus on quality and safety,' he said.
Earmarking INR 350 crore towards R&D, marketing, and expansion, LML Electric is also trying to raise INR 500 crore for the second phase of expansion which includes going beyond the three mentioned regions and setting up a channel partners network.
MoU For Manufacturing
LML Electric has already signed a Memorandum of Understanding for manufacturing E2Ws with Saera Electric Auto. The latter has recently acquired Harley Davidson's manufacturing facility in Bawal, Haryana, and the former aims to manufacture its first slot of E2Ws there.
'Our first shipment to Europe will be 1,000 e-bikes. Gradually, we will set up our own manufacturing facility somewhere in India,' Bhatia shared.
The global rights and intellectual property of LML Electric were acquired by Yogesh Bhatia from the Singhania family last year. He shared that LML Electric will also be launching a hyperbike in India. It will be showcasing three E2W in Gurugram on 29 September 2022.
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