The oldest motorcycle manufacturer in the world, Royal Enfield is planning to expand its market into Latin America and South East Asia in the next three years.
This motorcycle division of Eicher Motors is looking at increasing its production capacity to 4 lakh units by next year end in its two production facilities located in Chennai.
Royal Enfield, besides developed markets, want to make a presence in the emerging two wheeler markets in the next three years.
This Chennai based company is already selling bikes in various developed markets like the US, UK, Europe, Japan and Australia. Royal Enfield has also appointed a distributor for the Colombian market.
Siddhartha Lal, CEO Eicher Motors said that the company has big ambitions in Columbia and will have showrooms open before this year end.
Speaking about production capacity, the CEO said that they had targeted a production capacity of 2.8 lakh units for 2014 but are looking to touch 3 lakh units this year and will ramp up production to 4 lakh units by the end of 2015.
The present waiting period for a Royal Enfield motorcycle is 5 months, which would come down once the production is increased. The company is in the process of investing INR 600 crore for increasing capacity for production and other factors.
Royal Enfield, in the year 2013 had produced a total of 1.78 lakh motorcycles.