Strong development plans have been unveiled by Lohia to propel the country’s electric vehicle (EV) market to unprecedented heights. Lohia has positioned itself to benefit from the growing need for environmentally friendly transport options by having a robust market presence and an aggressive sales objective.
Aiming to sell 10,000 electric three-wheelers and 25,000 electric two-wheelers, Lohia has set a substantial sales target. This goal falls in line with a critical juncture for the Indian EV sector, which just exceeded the one million EV mark. It is noteworthy that Lohia has established a dominant 50% market share in the L5 category of three-wheelers, indicating its proficiency and domination in this field.
Lohia is upbeat about the future of EVs in India due to current market trends and customer preferences changing towards eco-friendly automobiles. According to the company’s projections, the majority of automobiles on Indian roads will be electric vehicles by 2030. By the end of the decade, the business wants to grow its present 5% market share in the two-wheeler industry to a range of 30% to 50%.
Ayush Lohia, CEO of Lohia, addressed some of the challenges facing the industry, including the recent reduction in government subsidies and the lack of battery cell manufacturing facilities in India. “While these factors have slowed growth in the last six months, we are optimistic about the future, particularly with the anticipated introduction of the FAME III policy, which is expected to allocate significant funds to boost the EV sector,” he stated.
Lohia is continually looking at expansion opportunities to achieve future sales objectives and get ready for rising demand. Encouraged by government incentives for fresh investments in the EV industry, the business is thinking about opening more production sites.
In addition to increasing its manufacturing capacity, Lohia is also developing new technologies, such as battery swapping technology, and pursuing alliances to broaden the range of products it offers. In addition, the business intends to open distinct locations for its two- and three-wheeler product lines as part of its commitment to growing its dealer network and offering better customer interaction and service quality.
Addressing concerns about the FAME II subsidy investigations, Lohia clarified that it has maintained transparency with the Department of Heavy Industries to avoid any misunderstandings, affirming its commitment to compliance and ethical business practices.