- The acquisition will enable Lords Automotive to leverage advanced technological solutions to design and manufacture world-class e-vehicles
- The company will take over the assets and patents of Devam Electric Vehicles
Electric two-wheeler maker Lords Automotive Pvt Ltd said it has fully acquired Ahmedabad-based Devam Electric Vehicles Pvt Ltd, which manufactures e-rickshaws and e-autos for an undisclosed sum. Subsequently, the company will take over the assets and patents of Devam Electric Vehicles (Devam EV). The acquisition will enable Lords Automotive to leverage advanced technological solutions to design and manufacture world-class e-vehicles, the company said in a statement.
Lords Automotive, which manufactures electric scooters under the brand Zoom, said it will redesign the current e-rickshaw model of Devam EV and relaunch it in October 2021. It also said that 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.
Devam EV has a manufacturing capacity of around 500 electric rickshaws per month. Its product portfolio comprises electric rickshaw, electric auto, and e- Loaders with prices ranging from Rs 1.75 lakh to Rs 3 lakh. The R&D-oriented firm had a turnover of around Rs 10 crore. It is a subsidiary of Lord’s Mark Industries Pvt Ltd, which is a manufacturer of renewable energy products and health care products in India
Expand the domestic and international market share in the e-vehicle segment
Lord’s Mark Industries Founder Sachidanand Upadhyay said that with this acquisition, it aims to expand the 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.”
Lords Automotive said it will be launching two high-speed electric scooters 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.
