PUNE: Bajaj Auto, which has claimed that its Chetak brand of electric scooters has become the market leader with around 27 per cent of the market share, is planning to extend its electric vehicle (EV) range to some of its bikes, a senior company official said.
Following changing market trends and the success it clinched with its bikes, Bajaj Auto discontinued its iconic scooter brand, Chetak, in the early 2000s. However, with the industry's move towards electrification, the company relaunched the brand in the EV space in October 2019. Since then, it has sold over 3 lakh units.
The Chetak EV has proven so popular that, according to the company, one model is sold on Amazon every two minutes. On Friday, during the launch of a new series of Chetaks under the 35 series, the company shared these insights.
“From around 11.6 per cent market share in the EV space in April 2024, our market share has jumped to 26.7 per cent as of December, unseating Ola to become the number one EV brand,” Eric Vas, President of Urban Mobility at Bajaj Auto, told reporters.
The two-wheeler EV market is currently crowded with over 400 players, most of whom are fringe competitors selling models assembled with cheap Chinese parts. However, the top five players, led by Bajaj, now dominate more than 95 per cent of the market, which has not yet reached one lakh units per month.
Ola, the previous market leader, now holds around 24 per cent of the market share, followed by TVS, Ather, and Hero.
“We have serious plans for electric mobility, and soon we will surprise you with some announcements, which will also include extending the EV range to bikes,” Rajesh Sharma, Executive Director of Bajaj Auto, told reporters in response to a question.
Sharma added that the EV models will also be exported due to high demand from countries such as Spain, Brazil, and Bangladesh.
The Chetak EVs, which have an installed production capacity of 20,000 units per month, are being manufactured at the original Chetak plant within Bajaj Auto's sprawling Akurdi facility. The original Chetak, launched in 1972, dominated Indian roads for years and, during the licence-raj era, had waiting periods running into years.
The newly launched 35 series features a full metal body yet weighs less than the existing models, which will soon be discontinued. “While bookings are open from today, deliveries will begin next month,” Sharma said. The first of the three new models is priced between ₹1.20 lakh and ₹1.27 lakh. It offers a maximum range of 153 km and a top speed of 73 km.
The new models come equipped with features such as a full navigation screen, digital document storage, a music player, Bluetooth connectivity for phones, speed lock settings, theft alerts, and more.