Eicher Motors is developing a complete range of electric bikes in order to cater to different set of customers across various markets, as per a top company official.
Royal Enfield, which sells models like Classic, Bullet, Himalayan, Interceptor INT 650, Continental GT 650 and Meteor 350 in the country, is a part of Eicher Motors.
"The EV segment is gaining momentum with positive policy action. With an eye on the future, we are strategically working on developing our future EV products, while we continue to work on our internal combustion engine offerings," Eicher Motors Managing Director Siddhartha Lal said in the company's Annual Report for 2020-21.
Informing the company shareholders, he noted that the company has capabilities in product development and manufacturing, coupled with a strong brand and an extensive distribution network.
"We are leveraging all that with our keen understanding of consumers to develop a complete range of premium electric vehicles and services for global markets, in our inimitable style of modern classic motorcycles," Lal noted.
A leader in the 250cc-750 cc bike segment, the Chennai-based Royal Enfield sold a total of 6,09,403 motorcycles in the last fiscal.
Besides, the bike business under Royal Enfield, Eicher also has presence in the commercial vehicle space through VE Commercial Vehicles, a joint venture with the Volvo group.
The JV produces trucks, buses, engines and engineering components.
Lal noted that while the auto major maintains immense focus on our long-term strategic business plans and goals, it strongly believes in developing an overarching Environmental, Social and Governance (ESG) vision, with renewed commitments, targets and direction – which will be extended to its partners as well.
Eicher has made improvements in energy consumption and waste management systems, two of the manufacturing units have been certified water positive, and the company steadily increases its renewable energy component as well.
"Our future commitment will be aligned with the global call for action against climate change and support the sector transition to a low carbon economy. Our development and CSR programmes will be linked to ESG action," Lal said.
The company strives to build trust and leave a positive impact not only in its own manufacturing units, but across the entire product value chain, he stated.
On market conditions, Lal said: "As we emerge from the second wave of the pandemic, the nation is focussed on containing possibilities of a third wave, and fortifying infrastructure for the future. While the market situation seems uncertain at present, with preventive and control measures picking up pace, we do believe that recovery is not far away."
With the launch of more than a 100 dealerships and more than 430 studio format stores last fiscal, Royal Enfield now has an expansive retail footprint of 2,056 stores in India. It also has increased exclusive stores count from 77 across 21 countries, to 132 across 26 countries
