Lohia Auto Industries today said it is eyeing a turnover of Rs 500 crore by 2020, riding on the back of new products, including CNG powered vehicles. The company plans to expand its portfolio to 15 products by the end of this fiscal as it looks to introduce new categories and variants in diesel and electric three-wheelers.
“We are aiming to achieve a turnover of Rs 500 from our auto division by 2020. Our current portfolio and new launches over the coming quarter will help us achieve this number and set the ball rolling,” Lohia Auto Industries CEO Ayush Lohia said in a statement.
The company plans to add a new CNG vertical and introduce new models of diesel and electric vehicles in the coming quarter, he added.
Currently, Lohia manufactures electric and diesel vehicles comprising two and three wheelers. The company is looking to expand electric vehicle segment.
“With recent initiatives such as quick pilot drafted by NITI Aayog, the sector is poised for growth. It will accelerate the acceptance and popularity of electric vehicles in the country. We want to tap into this opportunity by launching our new range of electric vehicles,” Lohia said.
To increase its manufacturing capacity, the company is also planning to set up a new plant in southern or western India at an investment of Rs 100 crore. The new facility capacity could be further enhanced to around one lakh two-wheeler units and about 60,000 three- wheelers, Lohia said.