Bajaj Auto is gearing up for an exciting financial year with significant plans for its popular Pulsar and Chetak brands. Managing Director Rajiv Bajaj also hinted at a 100cc CNG bike in an exclusive conversation with CNBC-TV18 while requesting Finance Minister Nirmala Sitharaman to bring down goods and services tax (GST) on CNG vehicles to 18 percent.
Bajaj Auto has set its sights on enhancing the Pulsar lineup with six upgrades or new Pulsars. The highlight is the arrival of the "biggest ever Pulsar" this financial year.
"Between now and the end of the financial year, we will introduce six significant upgrades or new Pulsars aimed at enhancing our share in the mid-segment from 30 percent to as much as it can rise," Bajaj said, adding the company would certainly like to eye for the No.1 spot in the segment.
On the biggest Pulsar from the stable, Bajaj said: "We think we have a fantastic product to offer. We want to do it within this financial year so that you know the full benefit of that in terms of growth and profitability is available to us next year".
The mid-market segment, specifically the 125-200 cc range, has been witnessing robust growth, and Bajaj Auto has been capitalising on this trend. The company's market share in this segment has steadily climbed to an impressive 30 percent. Rajiv Bajaj emphasised that the mid-market segment remains a strategic focus for the company, reflecting its commitment to catering to the evolving preferences of Indian consumers.
Moreover, Bajaj Auto is actively exploring opportunities in the premium motorcycle segment, which encompasses bikes valued at approximately Rs 1.7 lakhs.
"The premium segment is witnessing positive growth. That's not negative, like the entry-level segment, but not as big or as strong as the mid-segment. We have some brands like the Pulsar RS, the Dominar, KTM, Husqvarna and now Triumph. I would say we are doing very well there, especially with the introduction of the Triumph," he said.
When it comes to the mid-market range Bajaj added "The mid-market, which we define as kind of 125 to 200 CC, typically ex-showroom price of Rs 80,000 to about 1.7 lakhs this is what is growing very strongly in recent times and this is where our focus has been particularly with our brand Pulsar. I would say we have done rather well here with our product and marketing initiatives. Our market share has climbed steadily over the months to now you know around the 30 percent mark, we are the number two player very close to the number one in this mid-segment.,"
Bajaj Auto also has exciting plans for its electric scooter, Chetak. Bajaj said more Chetak products would be launched after the festive season. The company is hopeful to produce around 10,000 Chetak units during this festive period, building on its August production of 8,000 units. Bajaj Auto is working towards increasing its Chetak production capacity to 15,000-20,000 units per month by the end of the financial year.
The company's focus on the mid and EV segments is increased because the managing director doesn't feel the entry-level consumers are coming back, at least this festive season.
In July, the homegrown automaker said it has something very special for those who love Pulsar motorcycles in this financial year, which the company introduced in 2001. Presently, the cutting-edge Bajaj Pulsar's specifications have 125-250 cc engines, front and rear disc brakes, nitrox-mono-shock suspension, and tubeless tyres, among others.
Pulsar continues to consolidate its leadership position in key countries across the globe like Colombia, Mexico, Argentina, Guatemala, Peru, Turkey, Bangladesh, Nepal, and Egypt.
Shares of Bajaj Auto were trading at Rs 5,212, up 1.47 percent from the previous close on the BSE.
(Edited by : Amrita)
First Published: Sept 18, 2023 12:50 PM IST
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