Not looking at EVs as mass market right now, says Rajiv Bajaj

File image of Bajaj Auto MD Rajiv Bajaj (Picture source: Reuters)

Bajaj Auto, the country's leading two and three-wheeler automobile maker, is currently not viewing electric vehicles as a mass market, Rajiv Bajaj said on March 22.

"We are not looking at EVs as mass market right now," the Bajaj Auto managing director said, while speaking to CNBC TV18. He added that the company is also focusing on further developing its own technology to succeed in the EV segment.

On the performance-linked incentive (PLI) scheme introduced by the government to boost the EV sector, Rajiv Bajaj said it would help to assuage the concerns of the market players. However, Bajaj Auto is not relying on it to expand its foray into the electric segment.

"PLI scheme is helpful, but not the cement which we are using to make our building," he said.

Bajaj also noted that another Chetak e-scooter, which is the one wish-list of several among the classic Chetak users, will be "added in FY23".

The overall domestic sales "have been under a precipitous fall", he said. Despite the challenging situation, the company, he added, has gained in its market share in the three-wheeler segment.

In the current fiscal, Bajaj Auto aims to end with a total sale of 4.3 million vehicles, he said, while noting that it would be "wrong to compare sale in current fiscal with the previous".

The earnings before interest, taxes, depreciation and amortisation or EBIDTA for the company "has come down to 16-17 percent from 20 percent", Bajaj added.