Beijing, May 22, 2015 /PRNewswire/ -- On May 20, at a press conference held in Beijing,Lexin Intelligent Hardware CompanyIn addition to unexpectedly announcing the production of a documentary film,and launchinga two-wheeled self-balancing vehicle priced at 2,999 yuan,the full product line unveiledsaw the debut of the L Series -- featuring the L6 and L7, two electric scooter models. Clearly, the remarkable achievements in the self-balancing vehicle market were no longer enough—nowLexin Intelligent Hardwareis extending its reach into the entire smart mobility field. In fact, this is also the strategic approach adopted by several well-known smart self-balancing vehicle companies.
Lexin CEO Zhou Wei introduces the L6 scooter at the launch event
From 2013 to 2014, two-wheeled and single-wheeled smart self-balancing vehicles experienced a market explosion in China. Major manufacturers achieved sales exceeding 100 million yuan, which had become commonplace, while over a hundred small manufacturers sprang up like mushrooms after rain. However, soon after this boom, the market entered a plateau period. Some lower-cost small manufacturers captured parts of the low-end market, while the mid-to-high-end segment settled into a lukewarm state. With smart self-balancing vehicles having reached a high level of maturity and few major innovations emerging, expanding into new areas of smart mobility became a natural choice.
If short-distance commuting is the sole consideration, then electric scooters—which have already spread across all corners of China’s streets and alleys, can both be ridden and carry cargo—would undoubtedly be the mainstream. However, their generally rigid and even outdated designs, performance similar to that of ordinary motorcycles, and lack of foldability and portability provide significant opportunities for potential new entrants. A pioneering design, powerful performance, and high portability have become key goals for electric self-balancing vehicle manufacturers to tackle.
Companies like Yibu and Niutron (founded by Li Yinan) opted for electric bicycles—a market direction that remains unclear, as truly smart electric bicycles are rarely seen in China and the market is almost a blank slate, making market performance still difficult to assess. Lexin, on the other hand, chose electric scooters, which, like self-balancing vehicles two years ago, are on the eve of rapid growth. Judging solely from the single platform of Tmall, even some smaller manufacturers have quickly seen their monthly sales climb to several hundred units after launch, indicating already very clear market demand.
But for Lexin, the electric scooter market is not so easily conquered, as it no longer has the first-mover advantage this time and will also face fierce competition from established brands like Myway and Patgear. Looking at its upcoming product, the L6, Lexin’s strategy is actually quite clear: high aesthetics + cost-performance ratio. The “deep V” design of the L6 leaves a deep impression on observers, and its sub-3,000-yuan price tag is quite appealing. The industry-first app support and smartphone control also add a smart attribute. However, its ultimate “combat effectiveness” will still depend on market performance.