Rajiv Bajaj, Managing Director of Bajaj Auto, highlighted that the competition between Bajaj and TVS has become exceptionally close in the electric vehicle market. He noted that Bajaj’s Chetak and TVS’s iQube are nearly neck and neck in terms of VAHAN sales, with only a few hundred units separating them. Both companies have been witnessing substantial growth, which has subsequently affected Ola’s market position, causing its market share to decline from around 50% to nearly 30% recently.
Bajaj attributed the success of the Chetak to the expansion of its product range and the development of a strong distribution network, which has significantly bolstered its market performance. Bajaj Auto, a prominent manufacturer of two- and three-wheelers, has set an ambitious target for its CNG motorcycle, the Freedom 125. The company is aiming to achieve monthly sales of 40,000 units, according to Rajiv Bajaj.
He mentioned that the company dispatched 2,000 CNG bikes last month, with plans to deliver between 8,000 and 9,000 units by the end of August. “We are working towards increasing this number to 20,000 vehicles next month,” Bajaj stated. He also shared that Rakesh Sharma had recently given the green light to scale up production to 40,000 vehicles. “By January, if not earlier, we anticipate reaching a monthly production and sales figure of approximately 40,000 units for this exceptional motorcycle,” he added.
Furthermore, Bajaj Auto is optimistic about achieving sales of around 100,000 clean energy vehicles by the conclusion of the upcoming festive season, which typically spans until September. “We are on the brink of reaching monthly sales and production figures of 100,000 clean energy vehicles by the festive season,” Bajaj said. He also pointed out that clean energy vehicles already account for 25% of the company’s total revenue.
Looking ahead, Rajiv Bajaj announced that Bajaj Auto has plans to introduce both affordable and premium electric scooters in the fiscal year 2025, with the launch scheduled to take place after the festive season. This move is part of the company’s broader strategy to strengthen its position in the electric vehicle market and cater to a wider range of consumer segments.
Bajaj Auto is a leading Indian manufacturer of two- and three-wheelers, renowned for its innovation and global reach. Known for its popular models like the Chetak and Freedom 125, Bajaj focuses on expanding its product range, including clean energy vehicles. The company is committed to growth, aiming for significant advancements in both electric and CNG vehicle markets.
