On August 3, 2023, Royal Enfield parent company Eicher Motors released its FY2023-2024 Q1 financial results, for the quarter spanning April through June 2023. Eicher reported its highest-ever quarterly revenue, which it says is due in large part to extremely strong sales of Royal Enfield motorcycles. Overall, Enfield recorded sales of 225,368 bikes over the course of the quarter, which represents a 21.1 percent increase year-on-year over the 186,032 bikes it sold at this time in 2022.
While that’s good news for Enfield and Eicher, this quarterly financial report is what led Royal Enfield managing director Siddhartha Lal to address the media following its release, where he made an important announcement about Enfield’s EV project.
