Eicher Motors, the parent company of homegrown motorcycle manufacturers Royal Enfield, plans to invest more than Rs 1,000 crore in FY24 in order to meet the increased demand for the bikes. It has been reported that the company sold more than 8,34,894 units in FY23, which is 38.4% higher than the units sold in FY22.
While confirming the news, Eicher Motors MD, Siddhartha Lal said that the brand is committed to providing top-class bikes in the country. He also revealed that the overseas market of RE has achieved a milestone by selling 100,000 units this year.
Also Read: Royal Enfield Will Launch These Three New Motorcycles in India in 2023
Lal also reacted to the growing demand for electric motorcycles in the market. He said the internal combustion engine will continue to be used for at least the next ten years, even if the transition to EV is witnessing a great spike. In addition, he said for short-distance city commutes, EVs are gaining ground, but for longer trips, internal combustion engines will continue to be the go-to option as long as the time-weight and cost trade-off is favourable.
When asked about the company’s EV future plans, Lal stated that the business is working all day and night towards the same. The team is not chilling and it takes more than usual time for them to test vehicles so that customers get a top-notch product, Lal added.
Meanwhile, RE has been witnessing massive sales over the past few years. And, the demand for the two-wheelers is just growing with each day passing. Recently, the Company claimed that their newly launched Hunter 350 has ]crossed the 1 lakh sales, and most of the customers are new who never owned any Royal Enfield bikes before.
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