Bajaj Auto Plans to Introduce New Electric Vehicle Brand, Targets Over 500,000 Sales by FY26

Bajaj Auto, one of India's leading electric vehicle (EV) manufacturers, is set to introduce a new brand for its electric three-wheeler portfolio, following the success of its Chetak brand for electric scooters. This move aims to further strengthen its position in the electric mobility market, which is growing rapidly across India. As part of its strategy, Bajaj Auto will launch a series of electric three-wheelers, including commuter and cargo models, under the new brand identity.

Upcoming EV Launches and Targets

In the coming months, Bajaj Auto plans to unveil five new Chetak electric scooters and five new electric three-wheelers. The company aims to significantly boost its electric vehicle sales with these new launches. Rajiv Bajaj, Managing Director of Bajaj Auto, stated that the brand anticipates a strong rise in sales for its electric scooters, three-wheelers, and electric cargo vehicles. The company expects to reach a target of half a million electric vehicle sales annually by the end of FY26.

Introduction of Electric E-Rickshaw and New Product Range

A key aspect of Bajaj Auto’s expansion is the launch of an e-rickshaw in FY26, which will help boost sales volumes. The e-rickshaw will be introduced in the first quarter of FY26, further diversifying Bajaj Auto’s electric three-wheeler product range. This addition is expected to be a major contributor to the company's growing electric vehicle portfolio.

Bajaj Auto's Market Share in Electric Three-Wheelers

Bajaj Auto holds a commanding presence in the electric three-wheeler segment, with a 36% market share in both commuter and cargo segments. This is a strong indicator of the company's dominance in the electric three-wheeler market. Bajaj Auto also holds a remarkable 80% market share in the CNG three-wheeler segment, cementing its position as a leader in the three-wheeler category.

Success of Bajaj Chetak Electric Scooters

Bajaj Auto’s electric scooter brand, Chetak, has emerged as the number one electric scooter brand in India, with over 8,275 vehicles sold and a 28% market share as of December. This success has positioned Bajaj Auto at the forefront of India’s electric two-wheeler market, ahead of competitors like TVS and Ola Electric. TVS, with a market share of 22%, and Ola Electric, at 18.3%, trail behind Bajaj Auto in terms of sales.

New Chetak Electric Scooter Launch in December

Bajaj Auto is preparing for the launch of a new Chetak electric scooter model on December 20, 2024. The upcoming model is set to feature a larger battery, increased range, and enhanced features compared to the current Chetak lineup. This updated model is expected to further strengthen Bajaj Auto’s position in the competitive electric scooter market.

Scaling Production for FY26 Targets

To meet its ambitious target of 500,000 electric vehicle sales by FY26, Bajaj Auto is ramping up its production capacity. The company plans to increase its monthly production capacity to 40,000 vehicles by March 2025, with additional capacity if needed to meet growing demand. This move is a key part of the company's long-term strategy to solidify its leadership in the electric vehicle segment.

Bajaj Auto's 1.77 Lakh EV Sales in FY25

As of FY25, Bajaj Auto has already sold 1.77 lakh electric two and three-wheelers, demonstrating its growing footprint in the EV market. The company has quickly risen to become the largest electric vehicle Original Equipment Manufacturer (OEM) in India, based on total volume sales.

Conclusion

Bajaj Auto’s strategic move to launch a separate brand for its electric three-wheelers and expand its electric vehicle portfolio marks a significant step in its mission to lead India’s EV market. With the upcoming launches of new Chetak electric scooters, e-rickshaws, and other three-wheeler products, the company is poised to further strengthen its presence in the rapidly growing electric mobility sector.

The target of achieving 500,000 electric vehicle sales by FY26 underscores Bajaj Auto's commitment to innovation and sustainability. By ramping up production capacity and diversifying its product offerings, Bajaj Auto is not only reinforcing its position as the top electric two-wheeler maker but also aiming to revolutionize the electric three-wheeler market, contributing to India’s shift toward cleaner, more sustainable transportation.