Niche bike-maker Royal Enfield has overtaken US brand Harley-Davidson in terms of market capitalisation.
Zee Media Bureau
New Delhi: Niche bike-maker Royal Enfield has piped US brand Harley-Davidson in terms of market capitalisation.
The gap between the market caps of the two companies was $57 million higher than that of Harley's. The gap was $13 billion two years ago.
Royal Enfield, , which is the two-wheeler arm of Eicher Motors, posted sales of 1,25,690 units as against 82,215 units in the year-ago period, up 52.87% in the fourth quarter of 2015.
Having established its business firmly in the domestic market, the company is now eyeing major markets across the world to sustain its growth momentum.
In the past few months, Royal Enfield has expanded its global footprint in key nodal cities like London, Madrid, Paris, Dubai, Bogota and Medellin.
The company plans to produce up to 9 lakh motorcycles by the end of 2018 from its two existing manufacturing facilities and a third upcoming facility, in Tamil Nadu.
Royal Enfield is also building two new technology centers -- one in India and another in the UK -- to enhance capability and execute its long-term product strategy.