LML to return as EV maker
LML, the once most-loved scooter brand based out of Kanpur, is planning to make a comeback in the two-wheeler electric vehicle (EV) space. The company went bankrupt in 2017 after being irrelevant in the market for over a decade.
According to a press release from LML, the firm has received proposals from a number of technology companies to bring an LML EV to market. Dr Yogesh Bhatia, MD and CEO of LML Electric, said the business is focusing on product development initiatives in order to make a return.
Over the next 3-5 years, LML plans to invest roughly Rs 1,000 crore in the country. The company is also looking for a location to build an assembly facility in Madhya Pradesh and Haryana.
In terms of the sales and servicing network, about 1,000 dealerships are planned across India.
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What remains to be seen is how the finished product will appear. LML has not stated whether or not the electric vehicle is being completely built in India. They’ve also left out the identities of their technological partners.
Also, there isn’t much information regarding the price range that the company is aiming for. It will be fascinating to see what LML comes up with as its legacy rivals Bajaj and TVS have already entered this space.
If you’re too young to remember LML, it is the company that brought the original Vespa to India (in collaboration with Piaggio) in the 1980s. The domestic company also produced some pretty successful bikes such as the Freedom and Adreno.