Bajaj Auto, which ventured into the electric vehicle (EV) market in January 2020, has successfully sold 1,06,431 units of its Chetak e-scooters in FY24, leading to a notable increase in the company’s market share to 14 percent.
In line with its commitment to embracing electric mobility despite government subsidy cuts, Bajaj Auto aims to introduce more affordable electric scooters under its Chetak brand. The company is set to launch a new mass-market electric scooter under the Chetak brand in May, alongside a plan to triple its retail footprint in the coming months.
Currently, Bajaj Auto offers two variants of electric scooters under the Chetak brand: the Chetak Urban and the Chetak Premium. The Urban model starts at Rs 1.23 lakh, while the Premium variant starts at Rs 1.47 lakh.
During a recent media interaction, Bajaj Auto’s Executive Director, Rakesh Sharma, expressed satisfaction with the positive reception of product upgrades in the fourth quarter and confirmed the upcoming launch of a new product by May. When asked about the pricing of the new product, Sharma indicated that it aims to compete in the mass segment and will not be positioned as a premium offering. Instead, it will target a broader audience with competitive pricing. The new model is expected to feature a smaller battery and hub motor, similar to a test mule of the Bajaj Chetak spotted during previous test runs.
Currently, Bajaj Chetak e-scooters are available in approximately 200 stores across 164 cities in India. However, Bajaj Auto plans to significantly expand its retail presence, aiming to increase the number of stores to around 600 within the next three to four months.