Royal Enfield reports growth in January; Classic, Bullet lead
What's the story
Chennai-based bikemaker Royal Enfield has seen a 10% year-to-date (YTD) growth, selling 7,61,246 units in 2023 compared to 6,91,116 units in the previous year.
In January 2024 alone, the company sold 76,187 units, a 2% increase compared to the same period last year.
Royal Enfield CEO B Govindarajan credited this growth to the recent launch of new motorcycles and expressed optimism about maintaining this momentum in the coming months.
Sales performance
January sales and export performance
In January 2024, Royal Enfield sold 70,556 units and exported 5,631 units.
In comparison, January 2023 saw the company selling 67,702 units and exporting 7,044 units.
This reflects a 4% growth in sales but a 20% decline in exports. YTD sales figures also reveal a 15% growth from 6,10,520 units in 2022-23 to 7,00,829 units in 2023-24.
However, exports saw a significant drop of 25%, falling from 80,596 units in 2022-23 to 60,417 units in 2023-24.
New launches
New launches and color schemes
Recently, Royal Enfield launched the 2023 Bullet 350 motorcycle in three variants: Military, Standard, and Black Gold.
For 2024, the automaker introduced two new color schemes for the model called the Military Silver Black and Military Silver Red.
These unique colorways feature hand-painted silver pinstripes and are priced at Rs. 1.79 lakh (ex-showroom).
The new launches and color schemes have played a significant role in the company's overall growth and positive market performance.