Bajaj Chetak Hits 200,000 Sales, Captures 13% of EV Market

Vehicles |Two Wheeler

Chetak sales surged 284% year-over-year in FY2024, capturing a 13% market share and becoming the third-largest player in the electric scooter market.

736 views | Date: July 20, 2024

Bajaj Chetak Hits 200,000 Sales, Captures 13% of EV Market

Pune-The Bajaj Chetak, the electric version of the classic scooter, has surpassed 200,000 units sold in India. Since its launch on January 14, 2020, it has achieved a total of 202,590 sales by June 2024, including a record 16,691 units sold in June 2024 alone.

Sales of the Chetak were initially slow, with only 1,587 units sold in the first 15 months and 8,187 units in FY2022. Launched just before the Covid-19 pandemic disrupted global and automotive markets, the Chetak was initially available only in Pune and Bengaluru through KTM outlets, which limited its reach. However, demand surged in FY2024, with sales jumping 284% year-over-year to 31,485 units, reflecting a strong rebound from the previous low figures.

In Q1 FY2025, Bajaj Auto achieved a remarkable 96% year-over-year increase in wholesale dispatches of Chetaks, with 40,854 units delivered compared to 20,834 units in the same period last year (April-June 2023).

In FY2024, Bajaj Chetak's total dispatches reached 115,702 units—a remarkable 219% increase compared to the previous year. This impressive growth caught the attention of competitors. With an expanded network and increased production capacity, the Chetak averaged monthly sales of 9,641 units over the fiscal year and surpassed the 100,000 sales mark in November 2023.

CHETAK'S EV MARKET SHARE

In FY2024, Bajaj Chetak sold 115,627 units, surpassing Ather Energy by 7,733 units but trailing TVS Motor Co. by 74,269 units. For FY2025's first quarter, Bajaj Auto reported a 96% year-over-year increase in Chetak sales, reaching 40,854 units compared to 20,834 units in April-June 2023.

In the first half of CY2024, Bajaj Auto has posted impressive results in retail sales, the company sold 66,512 Chetaks between January and June 2024, securing its position as the third-largest player in the market, following Ola Electric and TVS Motor Co. This performance has propelled Bajaj Auto to a 13% market share, more than doubling its 5.51% share from the same period in 2023.