Royal Enfield not taking EV route for now, says Siddhartha Lal

Royal Enfield wouldn’t be entering electric vehicles anytime in the near future, said Siddhartha Lal, managing director at the Bullet motorcycle maker’s parent Eicher Motors, because he does not see any customer economics “at all” for that in the premium end of the two-wheeler market.

On Royal Enfield’s approach to electric vehicles, Lal said the company is playing a very long-term game on EVs. “There are people getting in, it is certainly a less than one percent game,” Lal said during Eicher Motors’ earnings call last week. “It is a question of approach; we believe we have a very strong philosophy and a game plan. The entry into EVs won’t be any time in the near future.”

Lal’s comments come at a time when the rush for the electric two-wheelers is gathering momentum. In fact, Royal Enfield too has formed a team consisting of Allabaksh Nekodi and Satheesh Rajagopal as key executives to define its EV approach, reporting to executive director Govind Rajan. Also, R&D work has begun at its technical centres both in India as well as the UK. But it may take more than four to five years for a Royal Enfield EV to hit the road, as per the current plans. The vehicle would likely be based on an all-new EV architecture.

Already mainstream two-wheeler makers in India have started work on a range of EV products. Royal Enfield’s global rivals — Norton, Triumph, BSA and Harley-Davidson — have all given strong indications on their intention of participating in the EV market. Hence, there is an increased interest on what path the Indian firm will take.