Bajaj Chetak triples market share in five months ahead of expansion
In October alone, Bajaj Auto sold 8,519 units of the Chetak scooter, marking a 20% increase from September’s sales of 7,097 units, as per the government's Vahan portal.
Bajaj Auto’s electric scooter, Chetak, has made significant strides in the market, almost tripling its market share in just five months. Rajiv Bajaj, the CEO of Bajaj Auto, in an interview with CNBC-TV18, said, “If you look at the Vahan data now as of today, you will see that we are close to 15% market share, which was only about 5% just a few months back. So Chetak has done really well for us.”
Just in October, Bajaj Auto sold 8,519 units of the Chetak scooter, marking a 20% increase from September’s sales of 7,097 units, as per the government's Vahan portal. This robust performance in October is the second-best monthly sales figure for Bajaj Auto, with the highest being 9,983 units sold in May 2023.
With this, the Bajaj Chetak scooter has also become India’s third-largest e-scooter maker in October, taking it ahead of Ather Energy. The top players in the domestic e-scooter market are Ola Electric, which sold around 22,565 units, and TVS Motor Co, with 15,729 units.
Despite this surge in sales, Ather Energy, another key player in the market, retains its third position with cumulative 10-month sales of over 88,390 units. This is in comparison to Bajaj’s 10-month sales figure of 49,077 units. However, Bajaj Auto appears to be closing the gap with Ather Energy in terms of sales volume. In August, Bajaj sold about 6,137 units of its electric Chetak scooter, a 50% increase over the 4,116 units it sold in July.
The Society of Indian Automobile Manufacturers (SIAM) provides further evidence of Bajaj Auto’s growth. According to SIAM, Bajaj Auto’s production of the Chetak during April-October 2023-24 was at 54,723 units. This is a significant increase from the 20,460 units produced during the same period a year ago.
Rakesh Sharma, Executive Director of Bajaj Auto Limited, provided additional insights during last month’s Q2 FY24 Results Conference Call. He stated, “On Chetak, as mentioned before, supply chain work has increased our capacity and reduced costs, allowing us to open up the network, right price of product and drive sales. We are now in 120 cities with 140 exclusive sales and service stores covering almost 75% of the high-speed EV market.”
Sharma also hinted at the introduction of new models in the Chetak range post the festive season, and the expansion of the range by the end of Q4. He also mentioned plans to expand the network to about 180 cities by the end of the financial year. This expansion strategy, coupled with the introduction of new models, is expected to further boost Chetak’s market presence and sales.
First Published: Nov 22, 2023 2:26 PM IST
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