Bajaj Auto is preparing to increase the monthly sales of its electric scooter Chetak, supported by the launch of new models and network expansion. The expansion is expected to help the domestic two-wheeler major to strengthen its position as a strong Number 3 player in the electric two-wheeler market in the near term.
The company said the launch of a new variant, expansion of its network, and good supply chain support will come in handy to boost its monthly electric two-wheeler sales in the coming months.
“Supply chain improvements have aided the company’s capacity. Currently, its electric scooter Chetak is available in 140 cities through 160 exclusive sales and service outlets, covering about 80 per cent of the high-speed EV market. Consequently, sales have reached the 10,000 mark in monthly sales, and our retail market share has steadily increased from 4 per cent in FY23 to 14 per cent in December 2023, Rakesh Sharma, Executive Director, Bajaj Auto Ltd, told during the company’s Q3FY24 earnings call.
At the end of December 2023, the company expanded the EV range with a new premium variant equipping Chetak with new features.
Sharma said the company will continue its efforts to drive up volumes every month, and will now target to reach the monthly number of 15,000 units in the current quarter.
He said the company will widen its E2W portfolio with the introduction of one more product during Q1 of next fiscal. “This will help boost our sales further,” he added.
On the network side, the company is planning to increase the number of cities that sell its electric scooter to make its electric scooter to 200 cities soon.
With a gradual increase in its electric scooter Chetak sales, the company has displaced Ather Energy from third position in the electric 2W market. After Ola and TVS Motor, Baja is now the third-largest player in the electric two-wheeler market.
Chetak has also achieved a revenue of more than ₹1,000 crore during the 9 months of this fiscal. “The revenue delivered by Chetak during the December 2023 quarter was almost equal to the revenue of 9 months of the previous fiscal,” said Dinesh Thapar, Chief Financial Officer, Bajaj Auto Ltd.
“With 2W Chetak expanding its coverage and fetching good response, we believe Chetak to add to the numbers substantially in the ensuing years,” according to analysts at LKP Securities.
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