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Mr Vinod Dasari, the new Chief Executive Officer at Royal Enfield says that the worst of the current slowdown in the auto industry is over, and that expectations are that sales volumes will begin to accelerate. Mr Dasari also said that sales for October has given the company confidence, during an interview with Economic Times Auto.
Royal Enfield's monthly sales fell below 50,000 for the first time in three years (during July this year) with 49,182 units sold. That was a drop of 27 percent over sales during the July of 2018. Sales dropped an additional 24 percent during the month of August.
Mr Dasari says that Royal Enfield is on its way to double-digit growth again, and accredits the growth to sustained product action and increasing reach, both domestically and internationally. Kept afloat by a heavy increase in demand, especially for the 650 twins, the new CEO is confident of Enfield's growth.
Mr Dasari also sad that the company was working towards offering new products to its customers. There could be a new 350cc platform, and other products, including an upgraded Himalayan.
Royal Enfield's new CEO said, "I think we have hit the bottom. Given the range of products that will come, a double-digit growth rate is possible. High-end vehicles get hit much worse during downturns. But the minute the sentiment improves, the fastest growing segment will also be this."
Outside of a positive increase in sales for the month of October, Royal Enfield's exports have increased by a massive 987 per cent. The company exported close to 5,000 motorcycles during the month, spearheaded by the Interceptor and Continental GT twins.
The company set up its first assembly plant outside of India during March this year, and plans to set up more across the globe. In addition, the company has invested heavily in their electric motorcycle program, and also towards strengthening their current production capabilities.
Mr Dasari said, "Just because there was a downturn, we did not cut down on our capex. I don't think we'll spend any more on any large facility. Most of our capex will go into capability building, new products, electric and other stuff. And it will also go into many small assembly plants around the world."
Royal Enfield is working with a new global strategy called Royal Enfield 2.0, which focuses on on four areas - expanding product range, geographical reach, solution selling, and leveraging digital platforms to build a global consumer brand from India.
Thoughts About Royal Enfield Headed For Double Digit Growth
This is fantastic news for any manufacturer. We expect to see some fantastic motorcycles in their stable soon. The company did say that upgrading their 500cc range was out of the question, and we're thrilled that we could expect a new 350cc platform and a more powerful Himalayan!