High powered motorcycle maker Royal Enfield on Thursday said it aims to double sales to 60,000 units in the next three years with latest products on an altogether new engine platform.
"We aim to double sales through a combination of a latest motorcycle and a completely new engine platform," Royal Enfield chief executive officer Siddhartha Lal said at the sidelines of a motorcycle rally -- which left for Pakistan -- in New Delhi.
The new product, to be introduced by the end of 2004, would be a 350-500cc motorcycle. Work on both -- the motorcycle and the new platform -- was on, he said.
Asked about the investment for the upcoming product and engine line, Lal said: "Money for the new motorcycle and engine platform will be part of regular investment. We will spend Rs 3-4 crore (Rs 30-40 million) on designing the new product while the chunk of investment will go for tooling and manufacturing."
In terms of design, the new motorcycle would cater to young riders who wish to have powerful engine yet sleeker motorcycles, he said.
The Eicher group company is also in the process of developing a motorcycle 'International Bullet Electra' for the United Kingdom market.
Though overseas markets looked very promising, Royal Enfield would prefer to strengthen its position in the domestic market first, Lal said.
At present, the company ships motorcycles to the UK, United States and Japan.