Lords Automotive acquires 100% stake in Devam Electric Vehicles launching E2ws & e-vintage car
A Hyderabad-based electric vehicles manufacturer, Lords Automotive Pvt Ltd has acquired a 100% stake in Ahmedabad-based Devam Electric Vehicles Pvt Ltd an e-rickshaws, and e-auto manufacturers. The Devam Electric Vehicles assets and patents will be taken by Lords Automotive. Lords Automotive is a subsidiary of Lord’s Mark Industries Pvt Ltd.
The acquisition will allow the manufacturer to make use of the advanced technological solutions to design and manufacture world-class e-vehicles. The company is also planning to expand its manufacturing capacities on a pan-India basis with access to a broader Original Equipment Manufacturers (OEMs) base.
Sachidanand Upadhyay, Founder, Lord’s Mark Industries (“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.”
The company will redesign the existing e-rickshaw model of Devam Electric and relaunch it in October 2021. Lords Automotive electric scooters are sold under the brand Zoom which is sold in a 300 pan India dealer network.
At current it has two slow-speed electric models which are International Centre for Automotive Technology (ICAT) certified. It will soon launch its two high-speed electric scooter models with a range of 120 km and 80 km with a top speed of 120 kmph and 140 kmph (sports model). The company has also developed an electric vintage car which will be launched in January 2022.
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