Gurugram based Lectrix EV has drawn up plans to double the production capacity of its e-two wheelers and number of dealers by FY24, said a top official.
“Currently, we are producing 100 EV per day in two shifts and this will be doubled. At the same time, the number of dealers will increase to over 250 from 120,” MD & CEO K. Vijaya Kumar said at a press meet.
On Monday, the EV arm of SAR Group, which is known for brands such as Luminous, Livguard and Livfast, announced its entry into Tamil Nadu with the launch of e-2wheeler – LXS G2.0 and G3.0 with 93 features. It is priced at about ₹1 lakh and ₹1.30 lakh respectively.
“After New Delhi, Chennai is the second metro we are stepping into. Currently, we have 12,000 bookings. The EVs are currently available in 100 cities and we will be present in 200 cities by FY24,” he said.
Initially, the promoters had pumped in ₹300 crore and would be raising about ₹500 crore from private equity players for new product development, building capacity and sales and marketing, among others.
On the LXS vehicles, he said that these were being produced entirely in-house at Manesar – from motors, controllers, and drive train to battery pack. The company has a technical centre at Bengaluru and might soon start producing e-motorbike, he said.
Last year, the company posted a revenue of ₹150 crore and this year it aims at ₹450 crore, of which e2w would account for 70%, he added.