As the transition to e-mobility accelerates, Royal Enfield, a British motorcycle brand, is making rapid progress with its own electric vehicle portfolio. The company intends to enter the market in the next 18-24 months.
To carry out the plan, Royal Enfield recently hired Umesh Krishnappa, the former CTO of Ola Electric, to lead its EV entry. According to several sources, a dedicated team for the electric vehicle business has been formed in India and the United Kingdom to develop a strategy for participating in the emerging zero-emission mobility space.
Royal Enfield will spend more than USD 100-150 million on its EV project. Work on a dedicated platform, internally dubbed ‘L,’ has already begun, and the company intends to offer a variety of products to meet the diverse needs of global buyers.
Within a few years of its market entry in the second half of 2024, the company is exploring a business potential of 1.2 to 1.8 lakh units per year from EVs.
The platform was created with a global audience in mind, so in addition to serving the domestic market’s growing EV space, the company hopes to also introduce it to some significant international markets.
Added the source, who asked to remain anonymous, “The company wants to get its product validated before the end of 2023 to be ready for a market launch in 2024.”
