Polaris set to launch new electric bike

mumbai — Motorcycle and allterrain vehicle maker Polaris Industries Inc plans to launch an electric bike under its marque Indian brand in the next four or five years, a senior executive said.

This will be Polaris’s second shot at making electric bikes.

In January, the company wound down the production of its Victory motorcycles, which also included its Empulse electric bike, after booking cumulative losses of more than $100 million over the past 18 years.

Polaris now wants to attract new riders with “fun” electric motorcycles as it focuses on the storied Indian brand, which it bought in 2011, Steve Menneto, president of its motorcycles division, told Reuters.

The company’s new electric motorcycle is expected to cover 120-140 miles on a single charge if driven aggressively, compared with 75 miles for an Empulse bike. “The characteristics of the (new) powertrain are going to be more applicable to be able to ride a bike in pleasure and twisties, and kind of how you would use pleasure bikes today,” said Menneto.

Polaris and larger rival HarleyDavidson Inc are increasingly targeting price-conscious millennials as demand skids for big bikes in the US, where the core customer group of baby boomers is ageing.

Polaris would also expand the product line of the Indian brand to include bikes with smaller cylinder capacities, Menneto said.

He expects the company’s revenue from its motorcycle business to grow to $1 billion in the next five years from $708.5 million last year.

Market-leader Harley has also been working to attract young riders. The company unveiled its prototype battery-powered motorcycle, LiveWire, in 2014 and plans to launch an electric bike within the next four years or so.

Harley’s revenue has fallen about 2.7 per cent over the past two years. —