In order to further promote sales of the electric scooter, Bajaj is planning to launch a more affordable variant that could be priced under Rs. 1 lakh
According to Rakesh Sharma, Executive Director of Bajaj Auto, they are working on expanding the Chetak lineup. He confirmed that Bajaj Auto is currently focusing on expanding its electric scooter portfolio to cover more segments. The brand is also planning to launch a new product in the next few months.
The government is planning for the removal of subsidies on EVs and subsequently the competitors in the market like Ola and Ather are introducing more affordable models. We believe the new variant in the Chetak lineup will play a significant role in garnering volumes at an ex-showroom price tag of under Rs 1 Lakh.
As expected with the cheaper affordable variants, it could be launched with a smaller battery pack and a less powerful motor. The number of features is also expected to reduce and will probably be equipped with the monochrome LCD console for the speedo. A host of cost cutting measures will likely be implemented as well.
Sharma also mentioned that the removal of the subsidies might affect the EV adoption rate for the time-being but in the long run it is actually an advantage as only serious manufacturers and serious buyers will endure in the market. Reportedly, the FAME 2 subsidy is going to be replaced by the Electric Mobility Promotion Scheme (EMPS) subsidy and it will be available from April 1, 2024, to July 31, 2024.
The upcoming new variant of the Chetak is expected to be launched sometime in April or May. It will be priced just under Rs 1 lakh (ex-showroom including EMPS). Once launched, the new Chetak will go up against other affordable e-scooters currently in the market like the TVS iQube, Ather 450S and the Ola S1 X.
Lastly, he also added that the brand will be working on expanding their dealership network from the current 200 dealerships to over 500 in the coming months. Currently the Bajaj Chetak is the third best-selling e-scooter in the market and with this expansion, Bajaj could have a greater chance of gaining a bigger market share in the future.