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ICICI Direct Report
Addressing the customer need of an affordable Royal Enfield product, which is easy to manoeuvre, Eicher Motors Ltd. has recently launched Hunter 350 at an ex-showroom price of Rs 1.5 lakh/unit.
Domestically, with Hunter 350, Eicher Motors wants to tap the first time buyers and upgrades from the 100 cc+ segment and sees more than 125 cc segment as its addressable market with market size pegged at ~32 lakh units (sales in FY22 at 5.2 lakh units).
Internationally, the addressable market size is pegged at ~10 lakh units (sales in FY22 at 80,000 units).
Royal Enfield’s recent volume prints were encouraging with total volumes in August 2022 pegged at 70,000 units, up 26% month-on-month, vastly outperforming its peers.
The company's continued focus on rebalance strategy wherein it will focus on all aspects of growth including electric vehicle development, superior product offering and increasing revenue from non-auto business (mainly accessories and spares).
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