Lectrix EV has recently launched its first e-scooter known as the ‘Eco’ model at INR 50,000 and has sold over 1K units till now, told, Pritesh Talwar, President - EV Business at Lectrix EV to ETAuto. Analysing the customer’s response to the e-scooter, Lectrix EV aims to sell more than 1.5K Eco models monthly.
Talwar is optimistic about creating its name in the 2W market as he believes there is enough space to sustain and create a brand image for multiple companies. "We want to create our own niche in the market and we feel that there is enough space in this market …. At least around eight to nine players exist in the market. And we are here to establish our own niche."
Future plans
The company is planning to launch its new 2W model pre-Diwali and one post-Diwali. "So it's a completely different line of series we are going to launch and its USP is going to be the range and the performance," said Talwar while talking about the pre-Diwali launch of the e-scooter. The vehicle's expected price range is from INR 90,000 to INR 1.2 Lakh.
The second e-2W is going to be a high-performance scooter, followed by an expected launch of a high speed motorcycle next year. "We are working on a prototype and we are looking at somewhere next year to launch the bike," added Talwar.
The company which already has its presence in the 3W segment via e-rickshaws is planning to launch another vehicle next month following that another launch is expected to be in the quarter of FY25. "That's a new, improved model we are launching based on whatever feedback you got from the market," added President - EV Business.
Eyes on high revenue
For FY 2024-2025, the company aims to triple its revenue as it has pipelined multiple launches in this calendar year. "The ratio for this financial year would probably still be in favor of three-wheelers. But if I look at FY 2025-2026, I think it will shift towards 2W… I expect by March exit, we should be 2W revenue to touch three-wheeler revenue or even cross it," added Talwar.
The company plans to invest INR 100 crore in FY25 to expand charging infrastructure, to strengthen their product manufacturing along with marketing of their products, and lastly, for R&D of the products. "We have already allocated more than 100 crore for funding this year and it's internally funded, it's from the founders…. So it's completely internal equity that we will look at," said Talwar.
Talking about external funding, the company said it is not in their plans right now but they might do it next financial year.
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