Royal Enfield, the iconic motorcycle manufacturer, is set to launch its in-house developed electric vehicle (EV) in the financial year 2024-25. The company has already established a dedicated EV team, led by CTO Umesh Krishnappa, to steer the project. It is said to be working on two different EV architectures – the in-house developed EV, codenamed L1A, and the EV platform of Spanish EV start-up, Stark Motorcycle, in which Royal Enfield’s parent company Eicher Motors has an equity stake.
As per reports, Royal Enfield is planning to invest about $100-150 million in EVs. The company has already begun the developmental work on a dedicated L platform with plans to produce three different models, with a combined potential of 120,000 to 180,000 units per annum. In addition to catering to the emerging electric motorcycle market in India, the L platform is also being designed to appeal to a global audience.
Reportedly, Royal Enfield is developing a model that prioritizes performance while also being compact and lightweight. The prototype is expected to be ready in the next 12 months, with the company aiming to get the EV validated before end-2023 to be ready for a market launch in 2024.
Also Read: 2023 Royal Enfield Interceptor 650, Continental GT 650 Launched in India
Royal Enfield’s Managing Director, Siddhartha Lal, stated that the company does not intend to be the first mover in the EV market and is fine with entering the market later with a differentiated offering. A company spokesperson further stated that Royal Enfield has made significant progress in its “EV journey” over the past few years, with R&D programs focused on sustainable mobility technologies and several ideas in advanced stages of testing.
The move comes at a time when Royal Enfield’s competitors, such as Bajaj Auto, TVS Motor, and Honda Motorcycle & Scooter India, have already announced ambitious plans for their EV foray. However, Royal Enfield wants to execute its plans with a “steady surefootedness”.
Furthermore, the Chennai-based motorcycle manufacturer, has reportedly acquired a 60-acre land parcel in Cheyyar, on the outskirts of Chennai, to establish a production base for its two-wheeled electric vehicles (EVs) in the future. According to sources familiar with the matter, the company is expected to invest between Rs 1,000 to Rs 1,500 crore over the next 12-24 months towards expanding its product portfolio and manufacturing capacity.
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