Royal Enfield to launch its first EV in India in 2025: CEO Siddhartha Lal

Eicher Motors CEO and MD Siddhartha Lal has said that Royal Enfield will launch its first electric bike in India in 2025. He also mentioned that preparations to hit the Indian markets are in full swing.

"We are around 2 years away before the product hits the market. We are working super hard on it. We are riding our prototypes; we still have time. We don’t want to give half-baked stuff in the market, our idea is to be totally disruptive. It is not about taking some competition head-on, we are working on a completely different paradigm on EVs. It takes time to put together something really fantastic", said Siddhartha.

The company plans to have a dedicated assembly line with a capacity of around 1.5 lakh units per annum for its EVs at its existing manufacturing premises. This before setting up its manufacturing unit in Tamil Nadu's Cheyyar. Eicher Motors has also hired at least 100 engineers led by CTO Umesh Krishnappa. It has also promised Rs 1,000 crore in capex and a large part of the investment to go into electric vehicle development.

Meanwhile, Eicher Motors recorded a 50.4% rise on profits year-on-year to Rs 918.3 crore for Q1FY24. Its revenues also saw an uptick, rising by 17.3 percent to Rs 3,986.4 crore for the same quarter last year.