Royal Enfield, the iconic retro motorcycle brand, is all set to enter the electric vehicle segment with its first e-bike, codenamed Electrik01. The company has been working on the electric motorcycle platform since 2018 and is expected to launch the production version in the next two years.
What to expect from the Royal Enfield electric bike?
Royal Enfield electric bike is likely to be a compact and minimalistic e-motorcycle, fit for urban use. The company has already revealed a prototype of the Electrik01, which shows a retro-styled bike with a round headlamp, a single-seat, and a belt drive. The bike also features a digital instrument cluster and a smartphone connectivity option.
The company has not disclosed the technical specifications of the electric bike yet, but it is expected to have a battery pack ranging from 8 kWh to 10 kWh and an electric motor that can deliver a decent performance and range. The company’s managing director and CEO, Siddhartha Lal, hinted that the electric bike may not have a 200 km range like some of its competitors, but rather a range of 100 km to 120 km, which should suffice for commuting needs.
Company has also hired around 100 people for the electric vehicle space and is in the process of setting up a production capacity of 1.5 lakh units in a modular form. The company has also allocated a part of its capex of about INR 1,000 crore for 2023-24 for developing products and sales infrastructure for EVs.
How will the Royal Enfield electric bike fare in the market?
Royal Enfield has been dominating the premium motorcycle segment in India with its Classic and Bullet models. Currently, it holds about 90% share of the market above the 250 cc motorcycle segment. However, the company is also facing increasing competition from other brands like Bajaj-Triumph, Harley Davidson, and Hero Motocorp, who have launched or are planning to launch their own mid-size motorcycles in India.
Lal said that he is okay with losing some market share to the new entrants, but he is confident that Royal Enfield will be able to hold on to 80% share in the medium to long term. He also said that increasing competition will contribute to the growth of the mid-size motorcycle market, which is expected to grow from 1 million units to about 1.5 to 2 million units in the coming decade.
Electric vehicle segment is also growing rapidly in India, especially for short-distance city commute. However, there are not many options available for electric motorcycles in the country at the moment. Revolt’s RV 300 and RV 400 are the only two electric motorcycles available in the market right now. Royal Enfield’s entry into this segment could create more excitement and demand for electric motorcycles among Indian consumers.
The company is planning to showcase the concept of its electric bike at EICMA 2023, which is one of the biggest motorcycle shows in the world. The launch of the production version is expected to follow soon after that. The price and availability details of the Royal Enfield electric bike are yet to be announced.