The Chetak electric scooter has been a big winner. Its maker, Bajaj Auto, notched up an enviable share of 25% in the electric two-wheeler (E2W) space in December, leaving Ola Electric with a share of just 19% and others with 14%. With TVS Motor's share at 23%, the ICE (internal combustion engine) players are making the switch to EVs remarkably well.
The market, however, shrank, with total E2W sales falling sharply to 1,22,090 units in December from 1.39 lakh units in October and 1.19 lakh units in November.
It's been a rough ride for Ola Electric, which, even in April 2024, enjoyed a 52% share of the market; at the time Bajaj's share was just 11%. Bajaj's success can be credited to a strategic pivot to the mass market and the addition of dealers to its network. Ola was the first to introduce a range of scooters below the ₹1 lakh mark, a segment into which Bajaj and TVS had not ventured.
The company, which revived the iconic Chetak brand for electric scooters in 2020, had been focused on the premium segment, pricing its vehicles at more than ₹1.2 lakh. In June 2024, however, Bajaj shifted gears, launching the Chetak 2901, priced at ₹96,000 to target the sub-₹1 lakh mass market. Its monthly sales volumes, which were clocking just over 1,500 units in April, nearly tripled to 8,035 units by December.
Denne historien er fra January 06, 2025-utgaven av Financial Express Hyderabad.
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Denne historien er fra January 06, 2025-utgaven av Financial Express Hyderabad.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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