Lords Automotive Pvt Ltd has acquired a 100% stake in Ahmedabad-based Devam Electric Vehicles Pvt Ltd which makes e-rickshaws and e-autos.
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 tech solutions to design and manufacture 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.
Lords Automotive will redesign the current e-rickshaw model of Devam Electric Vehicles and relaunch it in October 2021. This acquisition aligns with Lords Automotive’s strategy to increase its domestic market share and expand its outreach in untapped European and African markets by 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,” said Sachidanand Upadhyay, founder of Lord’s Mark Industries.
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.
Lords Automotive will be launching two high-speed electric scooter models soon. The first will be a 120 km range electric vehicle and the second will be a sports model with an 80 km range. The company has also developed an electric vintage car which will be launched in January 2022.
