With this investment, Eicher motors is focusing on rolling out more Royal Enfield bikes, both petrol and electric.
Eicher Motors, a company owned by Royal Enfield, will invest Rs. 1000 crore in the financial year 2024. The purpose of this investment is to meet the growing demand for motorcycles. The Royal Enfield sold 8,34,895 units in FY23. In the same year, 2022, their sales were 6,02,268 units. Apart from this, the company also achieved the milestone of exporting 1 lakh units this year.
Siddhartha Lal, the MD of Eicher Motors, expresses optimism about the future of Royal Enfield, especially in the international markets showing promising growth.
Lal also noted that the motorcycle got a hit in the international markets crossing 1 lakh units, indicating a positive trend for the brand's overseas expansion. The investment could help Eicher Motors capitalize on this growing demand for Royal Enfield motorcycles. It can also further strengthen the brand's position in the global market.
The sales of Electric Vehicles are increasing day by day to meet the market's growing demands. Royal Enfield plans to invest in this vehicle segment to provide Electric Vehicles to the customer. He also acknowledges that the shift towards electric vehicles (EVs) is gaining momentum. However, he believes that the internal combustion engine will remain in use for at least the next decade.
Lal notes that while EVs are popular for short-distance city commutes. Internal combustion engines are still preferable for long-distance travel, given the high weight and cost of batteries.
On EV plans, Lal confirms that the company is diligently developing EVs. He emphasizes that Royal Enfield is not complacent and is working at a "crazy" pace on EV development. Companies are giving more time and effort to testing and validation processes.
Lal assures that Royal Enfield's new product development process is agile. It means that if certain EV technologies, such as batteries or motors, evolve faster, they can upgrade in a shorter time span. This approach could help Royal Enfield stay ahead of the curve in the rapidly changing EV landscape.
The newly launched Hunter 350 surpassed the 1 lakh sales milestone. The majority of its buyers were non-Royal Enfield intenders. Royal Enfield will rely on its J platform to introduce several new models in the upcoming year to maintain this momentum.
Govindarajan, CEO of Royal Enfield, states that the company has a well-planned lineup for the next year. They are planning to launch several new motorcycles. He adds that — “Royal Enfield developing its products and looking closely at what customers are looking for - a pure motorcycle experience. To enhance this experience, Royal Enfield offers apparel and accessories and strongly focuses on community building among motorcyclists.”
Before you go, do check out - Yamaha’s Supersport YZF-R3 Gets Aesthetic Updates For 2023
Are you searching for a new bike? Explore bikejunction & compare your choice of bike, we will help you out with a bike loan. Select your bike according to category and other specifications on Bike Junction with just one click. Follow our news section or Social Media handles to get the latest news & updates related to the bike industry in India.
Follow us for Latest Bike Industry Updates
Facebook - https://bit.ly/BikeJunction_offl_fb
Instagram - https://bit.ly/BikeJunction_ofl_insta
Twitter - https://bit.ly/BikeJunction_ofl_twitter
Youtube - https://bit.ly/AutoJunction_YUT