Sources say the company will invest more than $100-150 million in its electric vehicle development efforts.
As the transition to electric mobility accelerates, Royal Enfield, the iconic and longest-running British motorcycle brand owned by India’s Eicher Motors, is making progress. fast with its own catalog of electric vehicles. The brand plans to enter the market with this category within the next 18-24 months.
- Ex- Ola Electric CTO is currently working for RE
- Dedicated group formed for EVs
- Market penetration plan in the second half of 2023
To execute on the plan, Royal Enfield recently invited Umesh Krishnappa, former CTO of Ola Electric, to steer the firm’s EV target. According to several acquaintances, a dedicated electric vehicle business group has been set up in India and the UK to develop a plan to enter the emerging zero-emissions mobility space.
Royal Enfield invests more than 150 million USD to develop EV
Sources say Royal Enfield will invest more than $100-150 million in its electric vehicle development efforts. Work on a dedicated platform, internally codenamed ‘L’, has begun and the company wants to have a wide range of products to meet the different needs of global buyers.
The company is exploring the business potential of 1.2 to 1.8 thousand units per year from electric vehicles, within a few years of entering the market in the second half of 2024. The platform has been designed. keeping in mind a global audience, so in addition to catering to the emerging EV space in the domestic market, the company also has ambitions to bring it to several key global markets. The prototype of this architecture is expected to be ready in the next 12 months, and the company wants its product validated before the end of 2023 to be ready to go to market by 2024, one person said. anonymously added.
In an official response, a company spokesperson told our sister publication Autocar Professional that the company has made great strides in its “electric vehicle journey” over the past few years. The R&D programs focus mainly on sustainable mobile technologies and have some ideas in the “advanced testing phases”.
“Our approach to developing electric motorcycles is very different and we have spent considerable time researching and understanding the market and customers. “We are working strategically on our electric vehicle portfolio and business model, and have begun to invest more deeply in this segment,” the spokesperson added.
Meanwhile, we recently published what could be our first look at a future Royal Enfield electric bike. The company has also recently invested in Spanish EV startup, Stark Future VL.
