Bajaj Auto is gearing up to launch a series of products across segments over the next 12-20 months, including the first motorcycle under the Triumph partnership and a new entry segment motorcycle that would look to challenge the dominance of the leader, Hero MotoCorp.
The Pune-based company will also be expanding its tie-up with its Austrian partner KTM that could possibly see the company bringing the off-road motorcycle brand GasGas to the Indian market besides getting into electric bicycles.
Speaking to shareholders virtually at the 15th annual general meeting, Rajiv Bajaj, MD of Bajaj Auto, promised to get ‘one new Chetak every year’ to the market. The Chetak is Bajaj Auto’s first all-electric product, launched in early 2020. The company claims to have an order bank of 16,000 units for the model.
New budget bike
Perhaps the most ambitious plan of the company is to challenge market leader Hero MotoCorp in its home turf, which is the budget motorcycle segment. Bajaj Auto is developing a yet another solution for this segment which will be launched in FY24.
“We need to do something dramatically different and if we are to carve out a sizable segment for ourselves within this, that is half the motorcycle segment. We have a tangible idea on how we would like to address this challenge and in the next financial year, we hope to introduce this product. It is well into development and we are on our way to execute for India and relevant global markets,” Bajaj said.
As for Bajaj Auto’s partnership with KTM, both companies have agreed to expand the realm of their participation. “Our idea has been to elevate our participation in the last few months from KTM level to the Pierer Bajaj AG (PBAG) level — the holding company level, so that we now participate across all business activities that PBAG spans. In simple words, it means KTM’s partner for KTM, Husqvarna, Gas Gas and e-bicycles,” Bajaj added.
“Over the next 20 months, the entire portfolio of KTM and Husqvarna will be progressively renewed and we will see some introductions, hopefully, in the brand GasGas and maybe even in terms of e-bicycles,” Bajaj added.
Bajaj’s Probiking business, which presently has KTM, Husqvarna and Dominar brands, will enlarge to include the premium British brand Triumph Motorcycle. The company is setting up a new factory to make premium motorcycles next to its existing plant at Chakan, Pune. This new plant will make Triumph bikes as well.
“We have been working with Triumph for the last few years. I am happy to confirm that if there are no further supply chain disruptions, we should see the introduction of Triumph Motorcycles in 2023,” Bajaj added.
Bajaj mentioned that the company has seen a strong response for its only electric scooter, Chetak, and plans are afoot to expand the portfolio.
“We will have at least one new Chetak every year, this also includes the work we will do for Yulu, a company that has pioneered micro mobility. All the products that we develop in the Chetak portfolio will be relevant not just to this market but all the global markets too,” Bajaj added.