Lectrix EV has recently launched its first e-scooter, the ‘Eco’ model, priced at INR 50,000, and has already sold over 1,000 units, according to Pritesh Talwar, President – EV Business at Lectrix EV as told to ET Auto. Based on the customer’s response to the e-scooter, Lectrix EV aims to sell more than 1,500 Eco models monthly.
Talwar is optimistic about establishing Lectrix EV’s name in the two-wheeler market, believing there is enough space to sustain and create a brand image for multiple companies. He stated, “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.”
The company plans to launch a new two-wheeler model before Diwali and another after 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, discussing 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-two-wheeler 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 a presence in the three-wheeler segment via e-rickshaws, is planning to launch another vehicle next month, with another launch expected in the first quarter of FY25. “That’s a new, improved model we are launching based on whatever feedback we got from the market,” added the President – EV Business.
For FY 2024-2025, the company aims to triple its revenue as it has multiple launches pipelined in this calendar year. “The ratio for this financial year would probably still be in favour of three-wheelers. But if I look at FY 2025-2026, I think it will shift towards two-wheelers… I expect by March exit, we should be two-wheeler 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, strengthen product manufacturing, marketing, and R&D. “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.
Regarding external funding, the company said it is not in their plans right now, but they might consider it next financial year.