LML Electric, which has announced intentions to launch three items next year as part of its second coming, is planning to spend Rs 350 crore in the firm, including building up a new production factory.
Lohia Motors Ltd (LML), located in Kanpur, previously collaborated with Italy’s Piaggio and C Spa to produce the renowned Vespa scooter.
The company in September last year announced its plans to re-enter the market with electric vehicles. In April this year, it said the company is looking to unveil three EV productsa hyperbike, an e-bike and an electric scooterby September and their subsequent launch between February and August next year.
We are looking at our first investment of Rs 350 crore. This investment is planned for product expansion, setting up a new manufacturing facility and collaborations, among others, LML Chief Executive Officer Yogesh Bhatia said.
