NEW DELHI: Two-wheeler maker LML on Wednesday said it is planning to make a comeback in the market with a foray into the electric two-wheeler space. The Kanpur-based firm noted that it is laying the groundwork to re-enter the market with a different set of opportunities to leverage.
It added that the brand is backed up by large investments with an investing partner. "We are actively working on the product development strategies in order to introduce a highly innovative product equipped with the best of technology to enable & strengthen the urban mobility space. We would like to empower the upper-middle and urban segments of society with our range of premium products to drive the change," LML Electric Managing Director and Chief Executive Officer Yogesh Bhatia said in a statement.
The company, which used to make the iconic LML Vespa in collaboration with Italy's Piaggio and C Spa, is in a downward spiral after its break-up with Piaggio in 1999 and a lock-out at its Kanpur factory in 2006.
The company had commenced production of 100 cc scooters in technical collaboration with Italy's Piaggio Vespa in 1983. LML had entered into several licensing agreements with the Italian brand.