- 17 Dec 2024
- ICICI Securities
TARGETS OVER HALF A MILLION EV SALES IN FY26
News: According to media sources, Bajaj Auto is planning to enhance its electric vehicle (EV) offerings significantly. The company aims to launch five new Chetak scooters and five new electric three-wheelers in the coming months, with an anticipated boost in sales driven by the introduction of an e-rickshaw in the first quarter of FY26. Rajiv Bajaj, the Managing Director, stated that these product launches could help the company reach a target of 500,000 electric vehicle sales annually by FY26.
Views: Bajaj Auto currently holds an 80% market share in the CNG three-wheeler segment and a 36% market share in electric three-wheelers. The company also leads the electric scooter market, having sold over 8,275 vehicles this December, capturing a 28% market share. To support this expansion, Bajaj Auto is increasing its production capacity to 40,000 vehicles per month by March 2025, reflecting its commitment to becoming a dominant force in the EV sector. Along with new chetak, they aim to build a separate brand identity for electric three-wheeler portfolio.
Impact: Positive