Lohia Expands Its’s E3W Product Portfolio Amidst Record EV Sales

New Delhi, 17th July, 2024: Lohia , one of the largest electric automobiles manufacturers in India, announces the launch of new electric three-wheeler (E3W) models, marking a renewed focus on the E3W segment. This strategic move aims to revolutionize the EV market with innovative and sustainable solutions, offering a wide range of electric rickshaws and three-wheelers designed to meet the needs of a diverse customer base.

The introduction of these new models is intended to gain a foothold in the highly competitive entry-level E3W market, which has witnessed significant growth. According to the International Energy Agency’s latest Global EV Outlook, one in five three-wheelers sold globally in 2023 was electric, with nearly 60% of those sold in India.

The government’s support and policies have helped India overtake China as the world’s largest market for electric three-wheelers, with over 580,000 units sold in 2023, according to the IEA. This makes it imperative for Lohia  to seize this opportunity. The price war in the E3W segment has been a key factor, and with the launch of these new models, the company aims to provide cost-effective solutions without compromising on quality and performance.

Lohia will unveil five new models of battery-operated rickshaws both in L3 and L5 categories by the end of this month. These models have bold look with new graphics and with affordable prices, making electric mobility more accessible to a broader audience. This competitive pricing is expected to set the stage for a new era of affordability and innovation in the E3W market.

The electric three-wheeler market in India is experiencing rapid growth, driven by increasing demand for sustainable transportation solutions. With over 79,000 units retailed in June 2024, the E3W segment registers strong 27% MoM and 17% YoY growth. Besides, E3W penetration is expected to rise to 14%–16% by FY25, according to an ICRA report, and with the strategic introduction of these new models, Lohia  is well-positioned to capitalize on this trend.

Ayush Lohia, CEO, Lohia stated, “The launch of our new E3W models marks a key moment in our journey. We are reaffirming our commitment to sustainable transportation and leading the E3W revolution. The E3W segment is the future of urban transportation, offering environmental and economic benefits. We are dedicated to making electric mobility accessible and contributing to a greener India. Our new product launches will meet the diverse needs of India’s evolving electric mobility market, aligning with the government’s vision of making India an electric vehicle nation by 2030.”

We have an ambitious investment plans of 200 millions for this year FY- 24-25, focusing on research and development, infrastructure expansion, and market penetration. These investments will enable the company to innovate continuously, enhance its product offerings, and maintain its leadership position in the E3W segment

Our total unit sold is 5000 units, which we will be increased by this year and will sold 10,000 units including all categories,added Mr Lohia

To support the launch of these new models and strengthen its market presence, Lohia  plans to significantly expand its dealer and sales network. This expansion will ensure widespread availability of its products across India, providing customers with easy access to innovative and affordable electric mobility solutions.

The company’s manufacturing facility in Kashipur will undergo a production ramp-up to meet the anticipated demand for its new range of E3Ws. This state-of-the-art facility is equipped with the latest technology and infrastructure to produce high-quality electric vehicles at scale.

With the launch of these new models and the expansion of its product portfolio, the company projects a robust revenue growth trajectory over the next five years. It aims to achieve significant market share and drive substantial revenue growth, reinforcing its position as a leader in the electric vehicle industry.