Royal Enfield is readying EVs; first model coming in 2024
What's the story
Chennai-based Royal Enfield is jumping on the sustainable mobility bandwagon and its first EV will head to the market in the second half of 2024.
A dedicated team in India and the UK, led by ex-Ola Electric CTO Umesh Krishnappa, has been set up for the vertical. The Eicher Motors-owned company is planning to invest $100-150 million in the endeavor.
Context
Why does this story matter?
Rising fuel costs and pollution levels have made EVs an attractive proposition. Consequently, brands across the globe are jumping into the business and Royal Enfield also wants a piece of the pie.
The Chennai-based company wants to have several EV products in its portfolio and claims that many ideas are in the "advanced stages of testing." It will surely take the market by storm.
Plans
RE wants to sell over 1 lakh EVs annually
Royal Enfield's upcoming electric motorcycles will be based on a dedicated platform (internally codenamed 'L').
Work on the architecture has already begun and should be ready within the next 12 months. It is being designed keeping in mind the requirements of the global markets.
The firm sees EVs as a lucrative venture, with the potential of selling 1.2-1.8 lakh units per year.
Official words
'Work on EV portfolio going on strategically'
In a conversation with Autocar Professional, Royal Enfield said "Our approach to developing an electric motorcycle has been very different and we have spent considerable time in studying and understanding the market and customers."
"We are strategically working on our EV portfolio and business model, and have started deeper investment in the segment," the automaker said.
Features
What will RE's first EV be like?
Royal Enfield's first electric motorcycle, internally christened 'Electrik01' will have a neo-retro appearance with a circular headlight, a teardrop-shaped fuel tank-like structure, girder forks for the front suspension, and blacked-out alloy wheels.
The specifications, power figures, and range details of the bike are unavailable right now.
The vehicle is still in the concept stage, and production will take a long time.
Investment
RE will invest Rs. 2,000 crore in India
Royal Enfield and its parent company Eicher Motors, have applied for the government's Production Linked Incentive (PLI) scheme under the champion OEM category. Here, over a period of five years, the brand plans to invest Rs. 2,000 crore in the EV business.
Several electric-powered two-wheelers should be seen here in the coming years, including an EV iteration of the Himalayan.