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Lectrix EV seek forward to raise Rs 500 cr after launching new e-scooter
The electric mobility division of SAR Group, Lectrix
EV
, announced on Wednesday that it intends to fund up to Rs 500 crore next year to introduce new products and increase operations in the nation. Since the company's founding in 2020, it has made a total investment of Rs 300 crore in the sector. The LXS G3.0 and LXS G2.0 electric scooters, with starting prices of Rs. 1.03 lakh, were launched on Wednesday."To introduce new items and increase operations, we would need about Rs 500 crore. To support future expansion, we would thus consider boosting the amount when we reach a volume of about 7,000–10,000 units per month by the end of the next year, citing MD of Lectrix EV & CEO K Vijaya Kumar PTI reported.
He stated that the funds will be used to expand the sales network, introduce new goods, and meet the capex needs for the current infrastructure. According to Kumar, Lectrix EV intends to enter the
bike
market and may later consider other verticals as well."Earlier, we catered to the B2B segment, but now our attention is on the market for personal electric two-wheelers", the speaker continued. Despite being a newcomer to the electric two-wheeler market, Kumar pointed out that the firm has the benefit of being a fully integrated player with expertise in drivetrain, battery management, etc. The business operates a manufacturing facility in Manesar with a 1.5 lakh unit annual production capacity.
Lectrix EV, according to Kumar, plans to sell about 50,000 LXS G3.0 and LXS G2.0 devices this year, garnering a market share of 3–5%. 93 features total, including 12 first-in-class features like the emergency SOS alert, navigation assistance, and over-the-air upgrades, are included in the new model, according to him.
The electric scooter has a 2.3KW and a 3KW battery, providing a range of more than 100 kilometres. Beginning on August 16, the firm will start making product deliveries through its more than 100 dealerships nationwide.