How Lord’s Mark plans to ride the electric vehicle boom in India with electric scooters, e-bikes, electric rickshaws and even vintage electric cars
Electric vehicles (EVs) have seen a significant increase in recent years due to the growing awareness of sustainability. Affordable and clean energy, which is part of the United Nations 2030 Sustainable Development Goals (SDGs), has pushed the adoption of electric vehicles even further.
From reducing pollution to longevity, electric vehicles tick all the right boxes when it comes to protecting and preserving the environment. So it’s easy to see why India’s electric vehicle market hit $ 5 billion last year and is expected to reach $ 47 billion by 2026, with a CAGR of 44%, according to Mordor Intelligence.
From startups to large corporations, companies appear to be rushing to respond to the electric vehicle segment to take advantage of this growth. In September,sold Rs 1,100 crore of its S1 electric scooters in two days. Major in E-commerce also announced e-mobility initiatives to help reduce the carbon footprint. Players like , , , Tata Motors contributed to the boom.
Another company to jump on the electric vehicle bandwagon is. Started in 1998 by Sachidanand Upadhyay, the Mumbai-based company is known for manufacturing health, pharmaceutical and energy products such as LED bulbs, solar street lights, and more.
In collaboration with the Indian government, Lord’s Mark has manufactured and distributed solar street lights in states like Arunachal Pradesh, Andhra Pradesh, Uttar Pradesh, etc. He is also responsible for the solar lights on Indian Navy warships like INS Vikramaditya.
Riding the electric vehicle boom
Prior to 2019, Lord’s Mark was developing a Battery Storage System (BSS), which can be used to store power from the grid and return it whenever needed, especially in situations like a power outage. It was during the development of the BSS, says Sachinanand, that the idea of exploring the EV space germinated.
“I was traveling around Europe and visiting exhibitions and realized that electric vehicles were the next big thing. In addition, the current government is determined to bring new technologies to India, ”he told SMBStory.
Further research revealed that importing, assembling or manufacturing some of the components was not a very difficult business. The company began R&D in 2019 at its Silvassa unit, which laid the foundation for its EV vertical, Lord’s Automotive. He hired technocrats, ITI alumni and more to work on this vertical, which officially launched in February 2020.
The first product launched by the company was a line of electric scooters – Lord’s Zoom and Lord Zoom – Li – which have a speed of 25 km / h and are available in four colors. In addition, these scooters are GPS compatible. While the base model has a lead-acid battery, the Li model has a lithium-ion battery.
Lord’s Mark’s foray into electric vehicles is not limited to vehicles. It manufactures lead-acid and lithium iron phosphate (LiFePO4) batteries. It will also launch charging stations for electric vehicles by the end of this fiscal year.
Lord’s Mark has around 180 distributors across the country and claims to have sold 5,000 electric scooters so far.
Impact of COVID-19 and the future of the electric vehicle industry
Sachidanand says COVID-19 has also disrupted Lord’s Mark’s business and slowed down activity, particularly between March and September 2020. He adds that COVID-19 has had a major impact on the prices of electric vehicles as logistics costs have skyrocketed.
“When we launched the electric scooters, they were priced at Rs 60,000. Today, the cost has risen to Rs 80,000, ”he said.
According to Sachidanand, India currently imports most of the components from countries like China and Taiwan, and assembles the final product domestically. He adds: “It will take at least two years for India to start manufacturing electric vehicles. We can then see the prices become a bit stable. “
The company launched its electric scooters in October 2020. Lord’s Mark has around 180 distributors across the country and claims to have sold 5,000 electric scooters to date.
Earlier this year he acquired a 100 percent stake in Devam Electric Vehicles Pvt Ltd, based in Ahmedabad, which manufactures e-rickshaws, to enrich its wallet.
The company is also in talks to acquire a stake in another Lucknow-based electric rickshaw manufacturer. Sachidanand explains: “It will help us capture the northern and eastern part of the country because Lucknow is located in the center. In addition, the cost of logistics makes a big difference to us.
The company is also open to partnerships with equipment manufacturers. Going forward, Sachidanand says Lord’s Mark plans to release faster scooters, electric bikes, electric rickshaws and even vintage electric cars.
The e-vintage cars will be a luxury lineup, which he plans to park in hotels and resorts in cities like Delhi, Chandigarh and Lucknow.
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