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Eicher Motors Limited
Eicher Motors makes Royal Enfield motorcycles and also builds trucks and buses, selling them in India and around the world.
Eicher Motors is best known for making Royal Enfield motorcycles — the big, simple, old-fashioned-looking bikes that have become a fashion statement in India and are now sold in Europe, Latin America, and Southeast Asia too. It also owns a commercial vehicle business that builds trucks and buses for hauling goods and people around India. So you can think of it as two businesses under one roof: one selling the romance of motorcycling, the other selling the workhorses of the road.
The motorcycle business is the star. Royal Enfield bikes are priced in the middle of the market — more expensive than the small commuter bikes most Indians buy, but far cheaper than a Harley-Davidson or a Triumph. That middle ground turned out to be a sweet spot: buyers get a big, thumping, retro-looking machine without paying luxury prices. The company has built a cult following, and riders often customize their bikes and join clubs, which helps keep the brand strong and word-of-mouth sales humming. The truck and bus business is a smaller but real part of the company. It makes light and medium commercial vehicles — the sort used for deliveries and shifting goods — and competes in a crowded Indian market against much bigger players like Tata Motors and Ashok Leyland. That business earns money on volume and reliability, not on charm.
Eicher Motors has used its cash to grow the Royal Enfield brand abroad, open new stores, and invest in new models and electric motorcycles. The big risk is that it leans heavily on one brand and one country: India's motorcycle market is enormous but competitive, and if Royal Enfield loses its cool factor or a rival like Bajaj Auto or Hero MotoCorp launches a hit in the same price range, sales could suffer. In short, it's a company selling style on two wheels — and style is a wonderful business while it lasts, but a fragile one to depend on.
Saved answer · last researched 12 Nov 2026
Timeline
Tractors Brought In From Abroad
India after independence needed machines to farm, so Vikram Lal started Goodearth Company to sell and service tractors brought in from other countries. That little business became the ancestor of Eicher Motors.
First Tractor Built In India
A decade later, Eicher stopped just selling foreign tractors and built India's first tractor made at home, in its Faridabad factory. Importing became making, and the company proved it could stand on its own.
Eicher Motors Is Incorporated
Eicher Motors Ltd. was formally created, and that same year it signed a deal in Tokyo with Mitsubishi to build light commercial vehicles. With that, the company entered the business of trucks and vans, not just farm machines.
Enfield Joins The Family
Eicher Goodearth bought a 26% stake in Enfield India Ltd. and within a few years held a majority 60%. In 1994 the company was renamed Royal Enfield Motors Ltd., bringing the iconic motorcycle brand into the Eicher fold.
Tractors Sold To TAFE
Eicher sold its tractors and engines business to TAFE Tractors and turned its attention to motorcycles and commercial vehicles. The move let it pour its energy into Royal Enfield and the Volvo joint venture.
Volvo Partnership For Trucks
Eicher and the Volvo Group formed a 50:50 joint venture called VE Commercial Vehicles, or VECV. Volvo brought technology and global reach, giving Eicher's commercial vehicle business a stronger footing.
The Classic Changes Everything
Royal Enfield launched the Classic, a bike with old-school looks but modern tech and better reliability. It became a game-changer: sales jumped from about 50,000 bikes a year to over a lakh by 2012 and around 3 lakh by 2014, turning Eicher into a motorcycle powerhouse.
Polaris Venture Shuts Down
Eicher ended its joint venture with Polaris Industries, called Eicher Polaris, which had been started in 2012 to make personal utility vehicles. The venture had stopped operations in 2018, a diversification attempt that did not work.
Flying Flea Goes Electric
Royal Enfield entered the electric vehicle space by announcing a new EV brand called Flying Flea. It marked the start of electric mobility for the company as market dynamics shifted.
Record Revenue And European Push
Eicher reported its highest-ever quarterly revenue of ₹7,422 crore, up 20% year-on-year, with Royal Enfield posting record quarterly sales of 376,722 motorcycles. Flying Flea C6 expanded to five European cities as the company kept growing internationally.