Two-wheeler brand LML, now a part of Dr. Yogesh Bhatia-led SG Group, will kick start its second innings next year, albeit in an electric avatar. LML Emotion, the rechristened brand, on September 29 unveiled the concept of its first three electric two-wheeler vehicles — Star (e-scooter), Moonshot (e-hyperbike) and Orion (e-bike) — under the theme “Reimagining the Legend”. These products are earmarked not just for the domestic but also for global markets.
“We want to position an EV as an ‘Empowered Vehicle’ rather than an ‘Electric Vehicle’. By reintroducing the LML brand in an electric avatar, our intention is to empower the customers, dealers, vendors, etc.,” stated LML Emotion Managing Director and CEO Yogesh Bhatia, in a freewheeling conversation with Moneycontrol.
Dr. Bhatia, while talking to Moneycontrol, revealed that it aims to clock Rs 300 crore revenue in the first year after launching the first vehicle. He also revealed that the company has earmarked Rs 350 crore in the first phase of its expansion. And the entire amount will be deployed from internal accruals.
While Orion will be launched in the first half of next year in the United States followed by Europe, Star and Moonshot will be making its global debut in India in the second half of 2023.
When queried about the price points and average range of its upcoming products, Bhatia revealed that LML’s strategy will be in stark contrast to other brands. “We are neither in the numbers game nor are we here to talk about range and prices. Being an iconic brand in itself, there will be a demand pull by our customers than a demand push by us to drive volumes. Having said that, what I can confirm is it will not be overpriced and there will be a decent range in our product lines.”
It was reported earlier that LML Emotion had signed a contract manufacturing agreement with Saera Electric Auto in order to leverage on the latter’s facility (formerly owned by Harley Davidson) in Bawal, Haryana, to produce EVs. . The company is open to the idea of establishing a self-owned facility once the facility owned by Saera is utilized.
“They are our contract manufacturing partner and the whole facility is now dedicated for LML products. The installed capacity of that plant is 225,000 units per year which is good enough for the first phase of our growth. By FY 25, we are confident of selling 1 million units per annum. So we are also holding discussions with multiple state governments to establish our own manufacturing facility in the next phase of our growth.
LML, earlier known as Lohia Machines, was incorporated in 1972 and began its operations by manufacturing synthetic yarn. Later in 1984, the company diversified into scooter manufacturing in collaboration with Piaggio. However, the partnership was terminated by the Italian company in 1999. After witnessing a continuous slide in sales, LML finally wound up its operations in 2018.
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