Lectrix EV, the electric mobility arm of the SAR Group, is gearing up to carve its own niche in the two-wheeler segment. To achieve this, the company has planned several new model launches in both the two-wheeler and commercial vehicle segments. Aiming to offer a diverse portfolio, Lectrix EV seeks to cater to a broad range of customers across the 2W (two-wheeler) and 3W (three-wheeler) markets.
Recently, Lectrix EV introduced its first e-scooter, the ‘Eco’ model, priced at INR 50,000. The company has already sold over 1,000 units of the Eco model, according to Pritesh Talwar, President of the EV Business at Lectrix EV. Analyzing the positive customer response, Lectrix EV aims to sell more than 1,500 Eco models monthly.
Talwar is optimistic about establishing the company’s name in the 2W market, believing there is ample space to sustain and create a unique brand identity amidst the competition. “We are here to establish our own niche,” he affirmed.
In an ambitious move, the company is planning to launch a new 2W model pre-Diwali and another 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,” Talwar said regarding the upcoming pre-Diwali e-scooter, which is expected to be priced between INR 90,000 to INR 1.2 Lakh. The second e-2W model will be a high-performance scooter, with plans for a high-speed motorcycle to follow next year. “We are working on a prototype and we are looking at somewhere next year to launch the bike,” Talwar added.
Lectrix EV, which already has a presence in the 3W segment through e-rickshaws, is also planning to launch a new vehicle next month, with another launch anticipated in the quarter of FY25. “That’s a new, improved model we are launching based on the feedback we got from the market,” noted Talwar.
Eyes on High Revenue
For the fiscal year 2024-2025, Lectrix EV aims to triple its revenue, supported by multiple planned launches within this calendar year. “The ratio for this financial year would probably still favor three-wheelers. But if I look at FY 2025-2026, I think it will shift towards 2W… I expect by March exit, we should see 2W revenue touch or even surpass three-wheeler revenue,” Talwar predicted.
To support this growth, the company plans to invest INR 100 crore in FY25. This investment will focus on expanding charging infrastructure, strengthening product manufacturing, marketing, and R&D. “We have already allocated more than 100 crore for funding this year, and it’s internally funded from the founders. So it’s completely internal equity that we will look at,” Talwar explained. While external funding is not currently in their plans, the company might consider it in the next financial year.
Lectrix EV’s strategic launches and substantial investment plans underscore its commitment to establishing a significant presence in the electric vehicle market, poised for substantial growth in the coming years.
