Royal Enfield Working on Premium Electric Motorcycles for the Indian Market
With the growing demand for electric vehicles in India, Royal Enfield’s parent company, Eicher Motors has begun developing a completely new line of electric motorcycles aimed at different customers. The company has recently submitted its 2020-21 fiscal year report and Managing Director Mr Siddhartha Lal told that the company is working on manufacturing electric bikes for the global market.
Royal Enfield presently sells models such as Classic, Himalayan, Bullet, Interceptor, Continental GT, and the Meteor in the market. Aside from the bike industry under Royal Enfield, Eicher also has a presence in the commercial vehicle market through VE Commercial Vehicles, a joint venture with the Volvo group. The joint venture manufactures vehicles, buses, engines, and technical components.
Now as the Central Govt has extended the FAME II scheme and providing subsidies to enhance the EV sector in the country, all vehicle manufacturers are trying to establish in this burgeoning field. Mr Lal stated that the company can utilise its strengths in product research and production, as well as, its strong brand presence and large distribution network.
In addition, he mentioned in the Annual Report that Eicher Motors intends to build a complete Environmental, Social, and Governance (ESG) strategy, of which electrification is also a component. The firm has improved its energy usage and waste management methods. Two of its production facilities have been recognised as water positive, and the firm is working hard to grow its renewable energy component as well.
In terms of market circumstances, he told that as the nation has recently emerged from the second wave of covid pandemic situation, and still there are possibilities for the third wave. Hence the nation is focussing on the upcoming situations and fortifying infrastructure for the future. So, the market appears uncertain at the present times however with appropriate actions, recovery is not far away.