The Chetak electric scooter has been a big winner. Its maker, Bajaj Auto, notched up an enviable share of 15% in the electric two-wheeler (E2W) space in December, leaving Ola Electric with a share of just 19% and others 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 12,090 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 1%. 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 1,500 units in April, nearly tripled to 8,035 units by December.
This story is from the January 06, 2025 edition of Financial Express Chennai.
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 Chennai.
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
Trump comeback: Honda to go slow on new EVs
HONDA MOTOR WILL be cautious about starting production of new electric vehicles due to uncertainty about US President-elect Donald Trump's industrial policy, a senior executive of the Japanese automaker said on Tuesday.
Bid for 2036 Olympics takes pan-India route
● Bhubaneswar, Bhopal, Pune to join Ahmedabad
Flying taxis are on the horizon
Taking Commuting To New Heights
Modest Q3 on the cards for India Inc
While sales of automobiles are believed to have been hurt by an inferior product mix and bigger discounts in December, banks have done less business as reflected in the slower credit growth.
Pritish Nandy dies at 73
Veteran journalist, poet and filmmaker Pritish Nandy passed away in Mumbai on Wednesday, sources close to him said.
Foxconn, Dixon Urge Govt to Pay ₹700 Cr in Pending PLI Subsidies
The government is reviewing the two requests, the people said.
India seeks NRI participation in 'Viksit Bharat'
THE 18TH PRAVASI Bharatiya Divas (PBD) convention kicked off here on Wednesday, with external affairs minister S Jaishankar calling upon NRIs and Persons of Indian Origin to actively participate in the quest for a 'viksit Bharat' (developed India).
Oil pares gains on dollar strength
OIL PRICES TRIMMED earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.
Searching for global relevance
GCCs focus on skills-based hiring for growth
A power distribution poser
EACH CASE OF PRIVATISATION HAS BEEN A LESSON FOR THE NEXT
