Bajaj Auto’s EV Push Accelerates with GoGo Partnership

After the successful revival of the Chetak brand, Bajaj Auto has made a major breakthrough in the electric three-wheeler space with the GoGo series. Just three months after launch, the electric brand has significantly narrowed the market gap with long-time leader Mahindra & Mahindra (M&M). In December 2024, the difference stood at 1,300 units. By April 2025, that had shrunk to just 123 units.

Market Leader in High-Speed Electric Three-Wheelers

According to the VAHAN portal, Bajaj Auto achieved a 36% market share in the L5 category—high-speed electric three-wheelers—placing it in the top spot. In contrast, it already dominates the non-electric three-wheeler category with a 74% market share as of the end of FY25. This reflects Bajaj’s strategic pivot towards electrification without compromising its stronghold in traditional mobility.

Competitive Pricing and Superior Range Fuel GoGo's Popularity

The GoGo series has earned attention for its best-in-segment range of 251 km and an aggressive price tag of ₹3.26 lakh. In comparison, M&M’s Treo Plus, priced at ₹3.44 lakh, offers a lesser 150 km range. This clear value proposition is attracting commercial vehicle buyers, especially in the passenger segment.

Samardeep Subandh, President of Bajaj Auto's Intracity Business Unit, stated that the GoGo helped the company capture a 36% share in the electric commercial vehicle market, with a segment-leading 39% share in the passenger sub-segment.

Rural Expansion Plans and Market Growth Outlook

Industry analysts from Nuvama anticipate that Bajaj is preparing a larger GoGo variant to meet the mobility needs of rural India. The electric three-wheeler segment continues to show strong momentum, growing 18% in calendar year 2024 (CY24) to reach 691,303 units. This segment also has the highest EV adoption rate among all vehicle categories in India, with 57% penetration, indicating that every second three-wheeler sold is electric.

Bajaj Chetak Reclaims Ground in Electric Two-Wheelers

In the electric two-wheeler market, Bajaj’s Chetak brand has been steadily climbing the ranks. After finishing third in CY24, Chetak secured the top position in two of the first four months of CY25, according to data from the Federation of Automobile Dealers Association (FADA).

Chetak’s market share in the EV two-wheeler segment rose to 24% during January–April 2025, up from 22% in CY24. This gain came even as competitors like Ola Electric offered massive discounts and introduced lower-end variants to attract buyers.

Comparing Key Players: Bajaj vs Ola vs TVS

The Chetak EV is priced at ₹98,500 and offers a 123 km range, while Ola's entry model starts at ₹60,000 with a 75 km range. TVS’s iQube, priced at ₹1 lakh, has a smaller battery and offers a 94 km range, giving Chetak a slight edge in terms of price-to-performance ratio.

To further strengthen its portfolio, Bajaj introduced a new Chetak variant with an extended range of 153 km and a faster charging time—from 0% to 80% in just three hours, compared to the previous four.

Challenges in the ICE Segment and EV Profitability

While Bajaj shines in the electric space, it is facing headwinds in the internal combustion engine (ICE) two-wheeler market. In April 2025, the company’s domestic retail market share fell to a 30-month low of 10.85%, its lowest since October 2022. Competitors like Honda and TVS have intensified their presence with new petrol-powered scooter launches.

Despite these challenges, Bajaj is successfully leveraging the EV trend. The company revealed in January that 22% of its domestic turnover now comes from EVs. Both its electric two-wheeler and three-wheeler divisions have reached EBITDA breakeven, showing early signs of profitability.

Strong EV Pipeline and Future Outlook

Looking ahead, Bajaj Auto is focused on expanding its electric portfolio. Recent launches such as Chetak E-scooter models 3501 and 3502, built on a new platform, are expected to drive future growth.

Analysts from Nuvama project that Bajaj Auto's EV division will clock a 30% compound annual growth rate (CAGR) over FY25, reflecting long-term confidence in the company’s electrification roadmap.