Royal Enfiled to strike the Brazil Roads
Royal Enfield, the fourth largest two-wheeler market in the world has announced its entry into Brazil.
It has entered the Latin American with 3 models they are Classic 500, Bullet 500 and the Continental GT cafe racer.
The new formed subsidiary – Royal Enfield Brazil at Sao Paulo will sell its bikes to the dealers and as well as its conducts all front-end development and support activities like marketing and after-sales in the country. A flagship store is also opened in the city.
Royal Enfield President Rudratej (Rudy) Singh said in a statement that they are delighted to a complete new group of customers that enables them to realise their competitive potential as the fourth biggest motorcycle market in the world.
He added that the company receives as it a huge opportunity in Brazil that has a hugely underserved the mid-sized motorcycle market with a massive traveller base.
Rudratej singh said that with motorcycle enthusiasts in Brazil they have been waiting to upgrade to simple yet timeless and evocative motorcycles. With its authentic British pedigree Royal Enfield can be able to provide an excellent alternative with an accessible cost of ownership.
He adds, in further years Brazil will be becoming one of the biggest markets for the company outside of India and helps it to become a leader in the middle weight motorcycle segment globally.
The company has strong presence already in Colombia and other important two-wheeler market in Latin America.
According to compounded annual growth rate (CAGR) more that 50 percent in the last six years, Royal Enfield has become one amongst the most profitable automobile brands in the world.
In 2016-17 fiscal year globally the company has sold more than 6.6 lakh units. On the global demands increasing globally the company plans to ramp-up its production capacity to 9 lakh motorcycles by 2018-end.