Bajaj Auto’s EV Revolution: New Brand, 500,000 Sales Target & Chetak Updates!
Bajaj Auto, one of India’s top three electric two-wheeler manufacturers, is gearing up to revolutionize its electric vehicle (EV) portfolio. With ambitious plans to launch five new Chetak electric scooters and five new electric three-wheelers, the company is setting its sights on achieving over half a million EV sales by FY26.
In an exclusive interview with CNBC-TV18, Rajiv Bajaj, Managing Director of Bajaj Auto, shared the company’s vision for the future of electric mobility. He emphasized that the rapid rollout of new products, including an e-rickshaw and expanded production capacity, will play a pivotal role in meeting this ambitious target.
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Bajaj Auto’s EV Revolution: What’s in Store?
Bajaj Auto is not just expanding its product lineup but also creating a distinct identity for its electric three-wheeler portfolio. Just as its electric scooters are sold under the Chetak brand, the company plans to launch a new brand identity for its electric three-wheelers, catering to both commuter and cargo segments.
Key Highlights of Bajaj Auto’s EV Strategy:
- Five New Chetak Scooters: The Chetak lineup will see significant upgrades, including a new model launching on December 20, 2024, with a bigger battery, higher range, and advanced features.
- Five New Electric Three-Wheelers: Bajaj will introduce a range of commuter and cargo three-wheelers under a new brand identity.
- E-Rickshaw Launch: The much-anticipated e-rickshaw is set to debut in the first quarter of FY26, targeting high-volume sales in urban and semi-urban markets.
- Production Capacity Expansion: Bajaj is ramping up its manufacturing facilities to produce 40,000 EVs per month by March 2025, with further capacity increases planned for FY26.
Market Leadership and Performance
Bajaj Auto has already established itself as a leader in the EV space, with impressive sales figures and market share:
- Electric Two-Wheelers: Bajaj sold over 8,275 electric scooters in December 2024, capturing a 28% market share, making it the number one electric scooter maker in India.
- Electric Three-Wheelers: The company holds a 36% market share in the electric three-wheeler commuter and cargo segment, alongside an 80% market share in the CNG three-wheeler segment.
Bajaj’s dominance in both the two-wheeler and three-wheeler EV markets positions it as a key player in India’s transition to sustainable mobility.
Rajiv Bajaj’s Vision for the Future
Speaking about the company’s growth trajectory, Rajiv Bajaj highlighted the importance of innovation and rapid product launches in driving EV adoption. He stated:
“With the rapid launch of new products over the next quarter, we anticipate that the continued rise in sales of our electric Chetak, electric three-wheeler, and electric cargo three-wheeler will be significantly bolstered by the imminent launch of our e-rickshaw. This should have our electric vehicle portfolio exit FY25 at a rate of half a million units per year.”
This bold vision underscores Bajaj Auto’s commitment to leading India’s EV revolution.
Upcoming Launch: New Chetak Electric Scooter
The new Chetak electric scooter, set to launch on December 20, 2024, is expected to feature:
- Bigger Battery: Offering a longer range, likely exceeding 120 km on a single charge.
- Advanced Features: Enhanced connectivity, improved performance, and a more premium design.
- Competitive Pricing: Positioned to compete with rivals like the TVS iQube, Ola S1 Pro, and Ather 450X.
The new Chetak is expected to strengthen Bajaj’s position as a leader in the electric two-wheeler market.
Production and Sales Targets
To meet its ambitious target of 500,000 EV sales by FY26, Bajaj Auto is scaling up its production capabilities:
- Current Capacity: 40,000 EVs per month by March 2025.
- Future Expansion: Additional capacity increases planned for FY26 to meet growing demand.
- FY25 Sales: Bajaj has already sold 1.77 lakh electric two- and three-wheelers in FY25, making it the largest EV OEM in terms of total volume.
Competition in the EV Market
Bajaj Auto faces stiff competition from other major players in the EV market:
- TVS: Sold over 6,573 electric two-wheelers in December 2024, capturing a 22% market share.
- Ola Electric: Despite a drop in market share to 18.3%, Ola sold close to 5,400 scooters in December.
With its aggressive product launches and market leadership, Bajaj is well-positioned to maintain its dominance in the EV space.
Bajaj Auto’s Bold EV Future
Bajaj Auto’s plans to launch a new EV brand and expand its product lineup signal a bold step forward in India’s electric mobility journey. With a focus on innovation, production capacity, and market leadership, the company is set to play a pivotal role in shaping the future of sustainable transportation in India.
As the new Chetak electric scooter and e-rickshaw hit the market, Bajaj Auto is poised to achieve its ambitious target of 500,000 EV sales by FY26, cementing its position as a leader in the EV revolution.
