Chetak EV fetches highest quarterly volumes, channelises third place for Bajaj in two-wheeler EV unit

By Sneha Sengupta On Apr 18, 2024

On April 18, Bajaj Auto Limited said that the company’s Chetak e-scooter sales reached their greatest quarterly totals to date.

The business disclosed that it sold 5,46,881 units of Bajaj Auto and Chetak Technology Ltd (CTL) in Q4 FY 24, which is 32% more than the 4,14,990 units sold in the same period previous year, although not disclosing the split of volumes of its EV and ICEV numbers. Additionally, it disclosed that it sold 22,50,585 BAL+CTL units in FY 24, a 25% increase over 18,05,883 units sold in the prior fiscal year.

“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 mentioned in a statement.

The company sold 40,672 Chetak units in Q4 FY 2024, almost seven times as many as it sold in the same period the previous year (6,058 units in January–March 2023), according to the Vahan portal.

Chetak “stayed resolute” on its expansion journey, according to Bajaj, who revealed its Q4 FY24 results. Volumes grew three times YoY (for the full financial year FY24), and it moved up to the third position in the segment (behind Ola Electric and TVS Motor Company) from the seventh position in FY 2022–2023.

“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 further stated. The Vahan Portal reported that sales of electric two-wheelers (E2W) increased by 30% to 9,42,088 units in FY24.

Bajaj Chetak EV