THE CHETAK ELECTRIC scooter has been a big winner. Its maker Bajaj Auto notched up an enviable share of 25% in the electric two-wheeler (E2W) space in December, leaving Ola Electric with a share of just 19% and Ather with 14%. With TVS Motor's share at 23%, the ICE (internal combustion engine) players are making the switch to EVs remarkably well.
The market, however, shrank with total E2W sales falling sharply to 72,090 units in December from 1.39 lakh units in October and 1.19 lakh units in November.
It's been a rough ride for Ola Electric which, even in April 2024, enjoyed a 52% share of the market, at the time Bajaj's share was just 11%. Bajaj's success can be credited to a strategic pivot to the mass market and the addition of dealers to its network. Ola was the first to introduce a range of scooters below the ₹1 lakh mark, a segment into which Bajaj and TVS had not ventured.
The company, which revived the iconic Chetak brand for electric scooters in 2020, had been focused on the premium segment, pricing its vehicles at more than ₹1.2 lakh. In June 2024, however, Bajaj shifted gears, launching the Chetak 2901, priced at ₹96,000 to target the sub-₹1 lakh mass market. Its monthly sales volumes, which were clocking just over 7,500 units in April, nearly tripled to 18,035 units by December.
This story is from the January 06, 2025 edition of Financial Express Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 06, 2025 edition of Financial Express Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Retail space leasing in malls falls 10% in 2024
Leasing of retail spaces in shopping malls and high streets fell 10% last year to 6.4 million sq ft across eight major cities due to supply constraints, from 7.1 million sq ft in 2023, according to CBRE.
India's non-fossil fuel-based capacity hits 218 GW-mark
INDIA'S TOTAL NON-FOSSIL fuel-based capacity has touched the level of 217.62 gigawatt (GW) as of January 20, an official statement said on Wednesday.
Europe Must Be Prepared for Trump Tariffs, Says Lagarde
EUROPE MUST \"BE prepared\" and anticipate the potential Trump 2.0 tariffs, European Central Bank (ECB) president Christine Lagarde told CNBC on Wednesday.
Zypp Electric set to double fleet this yr
The expansion will also involve increasing the number of driver partners from 22,000 to 50,000
India open to deals as US tariff looms
\"THE MINISTRIES WILL have to evaluate possible actions. They will then put their minds together. We will wait for any action originating (from the US),\", an official said.
Bad loans weigh on HDFC...
The private lender witnessed a marginal growth in loans as its gross advances rose 3% on the year to ₹25.43 lakh crore
Rupee rises 23 paise to 86.33, bias negative
The rupee appreciated 25 paise to close at 86.33 against the US dollar on Wednesday, supported by positive domestic equities and softening of the dollar index.
Interest rate cut will spur demand for home loans
An interest rate cut will spur demand for home loans, Girish Kousgi, managing director and CEO, PNB Housing Finance, tells Anupreksha Jain.
PE/VC bets grow 5% to $56 bn last year; 2025 may be tough
INVESTMENTS BY THE private equity and venture capital industry grew 5% to $56 billion in 2024, after declining for two consecutive years, a report said on Wednesday.
IT shares drive Sensex, Nifty
Sell-off in broader markets continues, mid- and small-cap indices plunge
