Lords Automotive Pvt Ltd has acquired a 100% stake in Ahmedabad-based Devam Electric Vehicles Pvt Ltd, manufacturers of e-rickshaws and e-autos, it said in a statement. Lords Automotive will take over the assets and patents of Devam Electric Vehicles with this deal.
The acquisition will enable Lords Automotive, a subsidiary of Lord's Mark Industries Pvt Ltd, to leverage advanced technological solutions to design and manufacture world-class e-vehicles. The company will also bolster its manufacturing capacities on a pan-India basis with access to a broader Original Equipment Manufacturers (OEMs) base.
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Lords Automotive will redesign the current e-rickshaw model of Devam Electric and relaunch it in October 2021. The acquisition aligns with Lords Automotive's strategy to increase its domestic market share and expand its product outreach in untapped European and African export markets early next year.
"Rising manufacturer investment, supportive government policies and increasing environmental concerns have emerged as key factors that fuel the exponential growth of the domestic e-vehicle industry. With this acquisition, we aim to expand our domestic and international market share in the e-vehicle segment and strengthen India's position as a global manufacturing and distribution hub of hybrid and plug-in vehicles," stated Sachidanand Upadhyay, Founder, Lord's Mark Industries.
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Lords Automotive manufactures electric scooters under the brand Zoom, which are sold through a 300-strong pan-India dealer network.
The company currently has two slow-speed electric scooter models which have been certified by the International Centre for Automotive Technology (ICAT).
Lords Automotive will launch two high-speed electric scooter models soon. The first will be a 120 km range EV having the capacity to achieve a top speed of 120 kmph. The second one will be a sports model with an 80 km range and a top speed of 140 kmph. The company has also developed an electric vintage car which will be launched in January 2022.
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