This Gurgaon-based company, which currently dominates the premium motorcycle segment in India with a market share of approximately 90%, has formed a commercial team to evaluate the market requirements for their first electric motorcycle.
“We are presently conducting tests on the prototype and working on bringing a game-changing product to the market. We have established a team to focus on the commercial aspect of this business,” Lal explained. “Our product will be available in two years.”
Lal further stated that the market for mid-weight motorcycles in India is experiencing rapid growth. Last quarter, the company sold 225,368 Royal Enfield motorcycles, a 21% increase compared to the previous year.
Despite increased competition in the segment, Lal believes it will ultimately contribute to the expansion of the category.
Leading Indian two-wheeler manufacturers Hero MotoCorp, Honda Motorcycle & Scooter India (HMSI), and Bajaj Auto are planning to introduce nearly a dozen mid-weight motorcycles in the coming months to challenge Royal Enfield’s dominance. Bajaj-Triumph launched two 400cc models last month, namely the Speed 400 and Scrambler 400. Additionally, Hero MotoCorp is expected to begin delivering the first motorcycle developed in collaboration with Harley Davidson, the X440.
Meanwhile, Eicher Motors continues to perform well. The company exceeded Street estimates, reporting its highest-ever net profit of Rs 918 crore for the first quarter. Total revenue from operations reached Rs 3,986 crore, a 17.3% increase from the previous year. EBITDA stood at Rs 1,021 crore, representing a 22.8% increase. Lal commented, “Q1 has been significant for Eicher Motors Limited, with both Royal Enfield and VECV achieving their best-ever first-quarter performance and recording tremendous growth.” During the quarter, VE Commercial Vehicles Ltd., the joint venture between Volvo Group and Eicher Motors, sold 19,571 commercial vehicles, compared to 17,469 in the same period last year.