With leadership already established in the sub-₹1 lakh segment and anticipated growth in the above-₹1 lakh segment, Sharma expects to drive the company toward stronger leadership positions in the months to come.
28 Jan 2025 | 4195 Views | By Darshan Nakhwa and Ketan Thakkar
Bajaj Auto Ltd is confident of a leadership position in the electric two-wheeler space, led by sales of its recently launched Chetak 35 series, the introduction of new products over the next 2-3 months, and strong demand for its sub-₹1 lakh electric two-wheelers, the company’s Executive Director Rakesh Sharma said today.
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Bajaj Auto Ltd is confident of a leadership position in the electric two-wheeler space, led by sales of its recently launched Chetak 35 series, the introduction of new products over the next 2-3 months, and strong demand for its sub-₹1 lakh electric two-wheelers, the company’s Executive Director Rakesh Sharma said today.
“While we have performed well in the sub-₹1 lakh segment—where the Chetak 2903 has maintained a leadership position despite competitors offering lower prices—we have recognised a gap in the above-₹1 lakh segment, where our market share has remained in single digits,” Sharma said during a media call held to discuss the Pune-based company’s earnings for Oct-Dec quarter. “The 35 series addresses this gap, and we are confident that as production ramps up in January, February, and March, we will gain significant market share in the above-₹1 lakh segment as well,” he added.
With leadership already established in the sub-₹1 lakh segment and anticipated growth in the above-₹1 lakh segment, Sharma expects the combination to drive the company toward stronger leadership positions in the months to come.
“We are quite confident about maintaining our leadership position. January is a transitional month for us as we are moving to a new platform, the 35 series. While there may be a temporary dip due to the challenges of scaling up production for the new platform, we believe that as we progress into February and March, we will see the full potential of the 35 series come into play,” Sharma said.
The Chetak 35 series has addressed some of the gaps in the early electric Chetak models, according to Sharma. “Firstly, it (Chetak 35 series) offers a superior range. Secondly, we have incorporated feedback to include more advanced technology and an improved display. Additionally, we are providing a significantly larger boot space,” he said.
Bajaj Auto launched the Chetak 35 series in December. The model is based on a new platform and comes equipped with a new frame, which houses a 3.5kWh battery that is located under the floorboard. The electric scooter offers a driving range of 153km and also gets a 950W charger. The Bajaj Chetak portfolio now spans four variants – 2903 (Rs 99,999), 3202 (Rs 115,000), 3502 (Rs 120,000), and 3501 (Rs 127,000), all ex-showroom Mumbai.
In 2024, Bajaj Auto sold a total of 193,439 electric two-wheelers, according to Vahan data. It was the third-largest electric two-wheeler manufacturer in India, behind TVS Motor Company and Ola Electric, which sold 220,472 units and 407,547 units respectively.
Electric Motorcycle in Offing?
Bajaj Auto plans to introduce an electric motorcycle but not in the near future, according to Sharma. From a commercial use case, the company finds that scooters are suitable for electrification, as they are used for short-distance travel. However, motorcycles are typically used for covering long distances.
“The whole issue of range anxiety becomes a bit more pronounced in the motorcycle format. And if one has to address that by adding a bigger battery then there is a whole issue of space management and cost management, which can further reduce its appeal to a motorcycle buyer in making the switch from petrol to electric,” Sharma said.
“In fact, that is why we feel that for the motorcycle format, CNG (compressed natural gas) is a very good solution compared to petrol or electric,” said Sharma. Currently, Bajaj Auto is the only company which sells a CNG motorcycle in the world.