Key points
- Royal Enfield’s motorcycle sales are up 21.1% year-on-year.
- Enfield’s EV project is “very much at the core of Eicher Motors and Royal Enfield” and will remain within the Royal Enfield and Eicher Motors’ fold.
- Enfield’s first electric motorcycle is about two years away from hitting the market.
- The company is working on a completely different paradigm on EVs and doesn’t want to give half-baked stuff in the market.
- It is possible that some of Stark Future’s powertrain development, chassis building, or other details could be part of Enfield’s electric future.
Here are some additional details that you may find interesting:
- Enfield’s parent company, Eicher Motors, purchased an equity stake in Spanish electric motorbike startup Stark Future at the end of 2022.
- The Stark Varg electric motocross bike, which was developed by Stark Future, sold a total of 1,000 units in only 24 hours when it first went on sale in January 2022.
- Enfield has not released any official details about its first electric motorcycle, but it is expected to be a mid-weight bike with a range of around 200 kilometres.
Details
On August 3, 2023, Royal Enfield’s parent company, Eicher Motors, released its FY2023-2024 Q1 financial results, reporting its highest-ever quarterly revenue. The impressive performance was attributed to the strong sales of Royal Enfield motorcycles. During the quarter spanning April through June 2023, Royal Enfield sold 225,368 bikes, representing a notable 21.1 % increase year-on-year compared to the same period in 2022, where they sold 186,032 bikes.
In response to the successful financial results and the company’s focus on electric vehicles (EVs), Royal Enfield’s managing director, Siddhartha Lal, addressed the media. He emphasized EVs are a crucial part of Eicher Motors and Royal Enfield’s strategy and they do not intend to establish a separate entity for their EV endeavours. Instead, EVs will remain within the fold of Eicher Motors.
Core business
Lal acknowledged while they explore various options and observe what other manufacturers are doing, they do not follow trends blindly. He stressed the importance of focusing on the core business and ensuring they don’t dilute themselves by diverting resources away from their traditional combustion bike business. Lal reaffirmed EVs will be the future growth engine for Eicher Motors and Royal Enfield.
Regarding the development of Royal Enfield’s first electric motorcycle, Lal mentioned they are about two years away from launching the product. They are working diligently on prototypes and striving to create a disruptive offering, rather than just competing with existing EVs in the market. The goal is to develop something entirely different and fantastic.
Stark future
As of now, specific details about Royal Enfield’s electric motorcycle have not been disclosed publicly. However, it is worth noting Eicher Motors acquired an equity stake in the Spanish electric motorbike startup, Stark Future, in late 2022.
Stark Future is known for producing the Stark Varg electric motocross bike, which garnered significant attention and sold 1,000 units in just 24 hours when it was launched in January 2022. Although there is no official confirmation, it is possible some of Stark Future’s powertrain development, chassis building, or other aspects might be integrated into Royal Enfield’s electric future.
Given the current timeline, it is expected Royal Enfield’s first electric motorcycle will be introduced to the market sometime in 2025. Further updates and details about the project will likely be revealed as its development progresses.
Conclusion
Royal Enfield is clearly committed to the electric vehicle market, and its first electric motorcycle is eagerly anticipated by fans of the brand. The company is taking its time to develop a product that is truly unique and disruptive, and it will be interesting to see what they come up with.
In the meantime, Enfield’s traditional combustion motorcycles continue to sell well, and the company is well-positioned to continue its growth in the years to come. With a strong focus on both electric and combustion motorcycles, Royal Enfield is well-placed to succeed in the future of motorcycling.
Eicher Motors, Autocar Professional, Reuters
