The maker of Royal Enfield motorcycles, Eicher Motors is planning to invest Rs 1,000 crore in the current financial year to build its first electric motorcycle factory and also to drive the expansion of its current portfolio of petrol-driven motorcycles.

The company is looking to strengthen its presence in the global mid-weight motorcycle marketplace, which crossed one million units in total sales in FY23.

The company has its focus on product development, infrastructure, technology and is working out the roadmap with the supply partners engaged in the development cycle.

Royal Enfield which is a part of the Volvo Eicher Commercial Vehicle joint venture (JV) has gained a visible market share in the Indian market for motorcycles above 125cc, in FY23. Moreover, the move comes as the market is witnessing a growing preference for more premium motorcycles.