Chetak EV records highest quarterly volumes, helps Bajaj secure 3rd spot in electric two wheeler segment

Early this year, the company added two new variants-Chetak Premium 2024 and Chetak Urbane 2024-in its EV lineup.

Bajaj Auto Limited on April 18 said that its Chetak e-scooter sales recorded their highest quarterly volumes till date. This helped the company jump to the third spot with regard to electric two wheeler sales in FY24 from the seventh spot in last fiscal.

While the company didn’t share the split of volumes of its EV and ICEV numbers, it revealed that it sold 5,46,881 units of Bajaj Auto and Chetak Technology Ltd (CTL) in Q4 FY 24, which is 32 percent more than the 4,14,990 units sold in the same period last year. It also revealed that it sold  22,50,585 units of BAL+CTL in FY 24, which is 25 percent more than the previous fiscal at 18,05,883 units.

According to the Vahan portal, the company sold 40,672 units of Chetak in Q4 FY 2024, which is nearly seven times what it sold during the same  period last year at 6,058 units in January-March 2023.

While announcing its Q4 FY24 results, Bajaj said that Chetak “stayed resolute” on its journey of expansion, as volumes grew three times YoY (for the full financial year Fy24) and it rose to number 3 player (behind Ola Electric and TVS Motor Company) in the segment from the seventh position in FY 2022-23.

“Significant investments on competitiveness and capabilities, coupled with impactful interventions on product innovation, network expansion (now in 164 cities) and brand activation are yielding results and positioning the business well for further scale up,” Bajaj Auto Limited said in a statement.

Bajaj re-introduced its iconic brand Chetak as an electric scooter in 2019. Earlier this year, the company added two new variants-Chetak Premium 2024 and Chetak Urbane 2024-in its EV line-up.

“In a highly competitive market context, Chetak delivered its highest quarterly volume, a level that was greater than what was sold in all of last year. A range of actions on portfolio, network and activation continue unabated to grow the business and share beyond this,” the statement added.

According to the Vahan Portal, Electric Two-Wheeler (E2W) sales went up 30 percent in  FY24 at 9,42,088 units.