New LML not primarily focused on price and range: MD Yogesh Bhatia

New LML is not primarily focused on generic features like price and range while developing its electric two-wheelers. It is, instead, aiming to be a “experiential brand”, LML Emotion Managing Director Yogesh Bhatia said on Thursday.

LML Emotion, revamped brand under the new ownership, on Thursday 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”.

“We are nowhere saying that please buy the LML Emotion product because this is cheaper, or because this is what the range (mileage) it gives,” he said. While Orion will be launched in the first half of next year, Star and Moonshot will be launched in the second half of 2023.

The company has “not worked on price or range” since Day 1 as it does not want to focus on generic features, he said, adding that LML Emotion’s route path is going to be completely different as compared to other brands.

When asked about mileage and price of the vehicles, he replied: “We don’t want to become a claimed brand. We are trying to create an experiential brand.”

The company is targeting to earn Rs 300 crore revenue in the first year after launching the first vehicle, Bhatia noted. It plans to invest Rs 350 crore in the first phase of its growth. He said the first phase was going on and it had been entirely self-funded till now.

In the second phase of growth, the company will invest between Rs 400-500 crore and investors are expected to participate in it.

LML was incorporated in 1972 as Lohia Machineries to manufacture machinery for the synthetic fibres industry. In 1983, the company commenced production of 100-cc scooters in technical collaboration with Italian company Piaggio.

The partnership was terminated by the Italian company in 1999. After losing market share for many years, LML finally shut its operations in 2018.

Orion will be launched in the first half of 2023, starting with sales from US and European countries, then followed by other developed countries, Bhatia noted. Bhatia and his family owns SG Corporate Mobility that acquired the LML brand last year from the Singhania family. “To start with, we are not targeting e-bike Orion for India…E-bike is a totally different segment,” he noted.

The market in Europe and the US are ready and developed for Orion, he said, adding that the customers do not have to be educated there about the product category. He said Star and Moonshot will be first launched in India and then in other countries.

The company is working on developing products that are focused on “fun, fitness and leisure”, he mentioned.

Bhatia said the e-hyperbike Moonshot has been made slim and thin so that every customer — irrespective of the gender — would like to drive it. E-hyperbike is a crossover between electric scooter and e-bike. 

There will be a pedal-assist feature in e-hyperbike.

“You start the vehicle through throttle but then all the rider has to do is touch the pedal to increase the speed,” he said.

LML Emotion has signed a contract manufacturing agreement with Saera Electric Auto to use its facility in Bawal, Haryana, to produce EVs.

“The entire plant is available to us. The capacity of that plant is 225,000 units per year,” Bhatia noted. The company is also in talks with various states to establish its own manufacturing facility that will be able to produce 1 million units per annum.

“LML wants to become a global brand and don’t just want to remain in India and compete and fight and talk about price and mileage,” Bhatia said.

“I want to be clear in saying that other industry partners should complement and handhold us so that India becomes a nation that is flag-bearer for electric two wheeler manufacturing,” he added.

According to retail sales data of Federation of Automobile Dealers Associations (FADA), the sales of electric two-wheelers increased by 463 per cent in FY22. FADA said 231,338 electric two-wheelers were sold in FY22, compared to 41,046 that were sold in FY21.

However, electric two-wheeler sales are miniscule in comparison to internal combustion engine (ICE) vehicle sales. According to FADA, 11.53 million and 11.91 million ICE two-wheelers were sold in India in FY21 and FY22, respectively.