In a bid to sustain electric vehicle adoption amid reducing government subsidy, Bajaj Auto plans to introduce more accessible electric scooters under its Chetak brand. The automaker will launch a new mass-market electric scooter under the Chetak brand in May while the company plans to expand its retail footprint by three times over the next couple of months.
- New CHetak model could be the base variant in the lineup
- Currently two variants on sale – Urbane, Premium
- Chetak showrooms to be expanded pan-India
“The product upgrade in the fourth quarter was very well accepted. We will be launching a new product by May,” Bajaj Auto Executive Director Rakesh Sharma told reporters in a post-earnings call.
Bajaj Auto sells electric scooters through the Chetak brand and its portfolio currently has two variants – Chetak Urbane and Chetak Premium. The Chetak Urbane has a starting price of Rs 1.23 lakh, while the Chetak Premium comes with a starting price of Rs 1.47 lakh.
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When asked about the new product’s pricing, Sharma said: “We hope to attack the mass segment (with the new model). I cannot share the price, but it is not going to be a premium offering.” He noted that it would be a “more mass-appeal” product. The new model is likely to come with a smaller battery and a hub motor. A Bajaj Chetak test mule was spotted testing last year with a hub-mounted motor and this upcoming launch could be that very model.
Bajaj Auto, which entered the EV market in January 2020, sold 1,06,431 Chetak e-scooters in FY24 and the company’s market share improved to 14 percent.
“Significant investments on competitiveness and capabilities, coupled with impactful interventions on product innovation, network expansion (now in 164 cities) and brand activation are yielding results and positioning the business (Chetak) well for further scale up,” the company said in a press release.
The Bajaj Chetak is currently available in 164 cities across the country through roughly 200 stores. Bajaj Auto is planning to expand the number of stores to around 600 in the next three to four months. “We are expanding our footprint quite aggressively - from our 200 stores to almost 600 stores in the next 3-4 months,” Sharma said.
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