LML, a defunct two-wheeler brand which was bought over by Yogesh Bhatia’s SG Corporate Mobility, is gearing up for reintroduction in the Indian market with the rollout of ‘Star’ electric scooter later this year.
While LML Emotion, the rechristened brand, is working on electric two-wheelers (E2Ws) across segments and sub-segments, has decided to have a singular focus on the electric scooter market in the first two years of its operations.
Bhatia believes that there is still an ‘addressable gap’ in the domestic scooter market, including petrol-driven vehicles.
“While on the one hand, the two-wheeler industry in the ICE (internal combustion engine) segment is going down, E2Ws are not going up in the same proportion. The consumer is in a dilemma over the right price, product and features which are not offered by existing EV makers. We have to address that cluttered market with LML Star,” LML Emotion Managing Director Yogesh Bhatia told Moneycontrol in an exclusive interaction.
When asked how the company will be able to fill the void with LML Star, he said: “Apart from the trust factor and design statement, technological capabilities and innovation will give our products an edge. While it has the design cues of a motorcycle, it has the comfort of a scooter.”
Electric two-wheeler sales see a surge
According to the Society of Manufacturers of Electric Vehicles (SMEV) data, total E2W sales, including low-speed e-scooters, went up nearly threefold to 8,46,976 units in the last fiscal from 3,27,900 in FY2021-22.
While the total two-wheeler numbers in the ICE segment were up by 17 percent on a YoY basis in FY23, it is still 25 percent less than 21 million units during FY 2018-2019 (pre-COVID FY), as per Society of Indian Automobile Manufacturers (SIAM) data.
It may be recalled that last year, LML Electric unveiled the concept versions of its upcoming electric two-wheeler models – Star (e-Scooter), Moonshot (e-Hyperbike), and Orion (e-Bike).
The Gurgaon-based firm has already opened bookings for LML Star, which has been conceived in collaboration with Italian firm SPM Engineering as well as Desmania Design. Powering the LML Star will be a 4 kWh Lithium-ion removable battery that will offer a claimed range of 120 kmph per charge.
‘Experiential brand’
Talking about the positioning of the Star, Bhatia said: “We are targeting 18 to 80-years-old (currently there is no upper age limit for driving in India) customers as it is not just a simple scooter but a complete family vehicle. Since we are targeting not only masses and not only ultra-premium customers, we want to position LML as a lifestyle brand.” He, however, didn’t share any sales targets.
Bhatia was categorical that LML is not primarily focusing on price, and, instead, plans to be an ‘experiential brand’.
“We won’t put a high price for the Indian market and don’t want to be a bang-on range. We have the DNA and a sense of the Indian consumer. We will give an industry-best price for the Indian consumer at the time of launch,” said Bhatia.
When asked about the rollout of Moonshot, Bhatia said: “We want to gain a strategic foothold in the electric-scooter market. After that, we will think about other products. Earlier, we have given some timeline for e-motorcycles but that is likely to be extended.”
Moonshot, which has been developed by EV brand eROCKIT AG, was slated for a rollout in the domestic market by 2024, and Orion was meant to be shipped to US and European markets.
LML has signed a memorandum of understanding (MoU) with Saera Electric Auto Pvt Ltd, which had acquired American cult bike maker Harley Davidson's manufacturing plant at Bawal in Haryana, to roll out its products in the initial phase. The Bawal manufacturing facility has an annual capacity to produce 2.25 lakh units per year.
Meanwhile, LML Electric is in the process of investing Rs 350 crore, which it had earlier earmarked for the first phase, including the acquisition of the brand, product development and initial production. However, it has kept its Rs 500-crore fund-raising plan on hold
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