Bajaj Auto is set to expand its electric scooter lineup with a more budget-friendly version of the Bajaj Chetak, anticipated to hit the market within this quarter, spanning April to June 2024. This revelation was made by Rakesh Sharma, the Executive Director of Bajaj Auto, during a recent post-earnings conference call. While a specific launch date wasn't provided, indications suggest a potential release in May 2024.
Technical and Cost Innovation
The upcoming variant, spotted last year, will feature a new swingarm and a hub-mounted motor. This design shift from the mid-mounted motor used in the Urbane and Premium variants is aimed at reducing production costs. The price point for this new variant is expected to hover around the Rs 1 lakh mark, making it more accessible compared to the existing models.
Sales Performance and Market Impact
The Bajaj Chetak has been performing impressively in the electric scooter market, with significant sales figures reported over the past year. In February 2024 alone, 13,620 units were sold, and between April 2023 and February 2024, the total reached 103,763 units, according to SIAM (Society of Indian Automobile Manufacturers). The introduction of an affordable variant is likely to boost these numbers further enhancing Bajaj's footprint in the EV market.
Pricing and Competition
Rakesh Sharma indicated that this new variant would be positioned below the Chetak Urbane in Bajaj’s product lineup, with an expected price of around Rs 1 lakh, inclusive of the EMPS 2024 subsidy (Electric Mobility Promotion Scheme 2024). It will compete directly with other popular electric scooters such as the Ola S1 X, Ather 450S, and TVS iQube, which are key players in the segment.
Bajaj's calculated action is to increase Chetak's appeal to a wider market by taking advantage of the expanding need for reasonably priced electric mobility alternatives.