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Bajaj Auto Limited has announced a significant milestone with its Chetak electric scooter achieving its highest quarterly sales volumes to date. This feat has propelled the company to secure the third position in electric two-wheeler sales for the fiscal year 2024, a remarkable leap from its seventh-place ranking in the previous fiscal.
Although the company has not divulged the specific breakdown between electric and internal combustion engine vehicle (ICEV) sales figures, it disclosed that it sold a combined total of 5,46,881 units from Bajaj Auto and Chetak Technology Ltd (CTL) in the fourth quarter of FY24. This represents a notable increase of 32 percent compared to the 4,14,990 units sold in the corresponding period of the previous year. Moreover, the cumulative sales figure for BAL+CTL in FY24 reached 22,50,585 units, marking a 25 percent surge over the previous fiscal’s 18,05,883 units.
Data from the Vahan portal reveals that Chetak sales soared to 40,672 units in Q4 FY 2024, nearly seven times higher than the 6,058 units sold during the same period in the preceding year (January-March 2023).
In its Q4 FY24 results announcement, Bajaj highlighted the resilience of the Chetak, stating that it has witnessed a threefold increase in volumes year-on-year for the full financial year FY24. This surge has propelled Chetak to the third position in the segment, trailing only Ola Electric and TVS Motor Company, a remarkable ascent from its seventh-place position in FY 2022-23.
Bajaj Auto Limited attributed this success to significant investments in competitiveness and capabilities, coupled with impactful interventions in product innovation, network expansion (now present in 164 cities), and brand activation. The company anticipates further scalability and growth as a result of these strategic initiatives.
