IC-engined three-wheeler market leader, which diversified into electric three-wheelers with its RE E-Tec 9.0 passenger and Maxima XL Cargo E-Tec 12.0 in June 2023, witnesses growing demand and is already the fourth-ranked OEM in a field of nearly 500 players in India.
13 Jun 2024 | 6273 Views | By Ajit Dalvi
India’s booming electric three-wheeler industry, which registered record retail sales of over 632,000 units (up 57% YoY) in FY2024, is witnessing the rapid growth of Bajaj Auto, which is the market leader in IC-engined three-wheelers. This June marks a year since the Pune-based auto major made a ...
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India’s booming electric three-wheeler industry, which registered record retail sales of over 632,000 units (up 57% YoY) in FY2024, is witnessing the rapid growth of Bajaj Auto, which is the market leader in IC-engined three-wheelers. This June marks a year since the Pune-based auto major made a foray into the electric three-wheeler industry, which is recording the fastest transition to e-mobility amongst all vehicle segments. At present, every second three-wheeler sold in the country is electric and a zero-emission product.
Bajaj Auto marked its diversification into this segment with two products – the Bajaj RE E-Tec 9.0 passenger EV and Maxima XL Cargo E-Tec 12.0.
In the 12 months since then till June 12, 2024, as per Vahan retail sales data, the company has sold a total of 15,160 units (see sales data table below). Sales have been growing month on month and the past six months have delivered sales of 10,587 units or 70% of its total sales yet. The company’s highest monthly sales to date have come in March 2024 – 3,353 units, which gave it fourth rank in a field of nearly 500 players.
Bajaj Auto’s cumulative retail sales of 15,160 units to date give it a market share of 2.35% of the 642,947 electric three-wheelers sold in India over the past 12 months till June 12, 2024. The company’s sales spike is reflected in its rate of growth. In CY2023 (six months since market entry in June 2023), Bajaj Auto was ranked 28th.
In FY2024, in just 10 months after its EV rollout, Bajaj Auto grabbed a 2% market share and was ranked No. 13. In the 42-odd days of FY2025, with 4,276 units, it is currently ranked fourth after Mahindra & Mahindra (8,543 units), YC Electric (7,711 units) and Saera Electric Auto (5,227 units). For the April 1 to June 12, 2024 period, the company has an electric three-wheeler market share of 3.89 percent, which reflects the increase in its monthly sales over the past two-and-a-half months.
The company’s sales spike is reflected in its rate of growth. In CY2023 (six months since market entry in June 2023), Bajaj Auto was ranked 28th. In FY2024, in just 10 months after its EV rollout, Bajaj grabbed a 2% market share and was ranked No. 13. With growing demand for both its products, ramped-up production and an expanded EV sales network, expect the Pune-based auto major to be making the headlines regularly, as well as keeping the top OEMs worried.
The market response to Bajaj Auto’s three-wheeled EVs has been good. In a recent investor call, the company said that in key markets, where it has been present for over three months, it has started touching around 30% market share.
Catering to passenger and cargo transport
Bajaj Auto has two three-wheeled EVs on sale – the Bajaj RE E-Tec 9.0 passenger EV and Maxima XL Cargo E-Tec 12.0. As per the company website, the RE E-Tec 9.0 passenger-carrying e-three-wheeler, which is powered by an 8.9 kWh battery, has a range of 178km on a single charge, 45kph top speed and is equipped with a two-speed automatic transmission. This model, which develops 4.5 kW power and 36 Nm torque, takes 4-and-a-half hours for a full charge. Tyres are 120/80-R12 radials. It is priced at Rs 333,294 (ex-showroom Indore) after factoring the EMPS subsidy. The price has gone up by around 25,000 after the FAME II subsidy ended on March 31, 2024.
The cargo-transporting Bajaj Maxima XL Cargo E-Tec 12.0, which develops 5.5 kW power and 36 Nm torque, has a bigger lithium-ion (LFP) battery – 11.8 kWh – which gives it a higher range of 183km per charge. It has a 40kph top speed and takes 5 hours 40 minutes for a full charge, and 80% in four hours. Suspension duties are handled by twin shock absorbers with spring in front and an independent trailing arm with helical spring at the rear.
The Bajaj Maxima XL Cargo E-Tec 12.0 is shod with 130/80-R12 tubeless radial tyres. Other highlights are a regenerative braking system and hill-hold assist. Bajaj Auto is offering a warranty of 36 months / 80,000km on the cargo model which is currently priced at Rs 418,442 (ex-showroom Pune), after including the EMPS subsidy, up from the Rs 377,391 (ex-showroom Pune), it cost till March 31, 2024.
With growing demand for both its products, ramped-up production and an expanded EV sales network, expect the Pune-based auto major, which has received PLI certification for all five of its e-three-wheeler variants, to be making the headlines regularly, as well as keeping the top OEMs worried.
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