New Bajaj Chetak Variant Launching Soon, Reveals Bajaj’s Executive Director

Published March 21, 2024
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We reckon it could come with a sub-Rs 1 lakh price

Bajaj is planning to broaden its electric two-wheeler lineup by introducing another electric scooter. Rakesh Sharma, Executive Director, Bajaj Auto, said in an interview that the brand would be launching a new product under the Chetak electric scooter range in the next couple of months.

With the subsidies gradually going away, it would make sense if the upcoming Chetak is a more affordable variant, probably with a sub-Rs 1 lakh price tag. The trend is evident with several other players like Ola Electric and Ather bringing in affordable e-scooters too. The only way Bajaj can make the upcoming Chetak more affordable is by swapping the colour LCD with a monochrome one, just like the first-generation Chetak electric scooter. The upcoming e-scooter might also get a slightly smaller battery pack and a less powerful motor to keep the costs in check.

Moreover, the FAME 2 subsidy is going to be replaced by the EMPS (Electric Mobility Promotion Scheme 2024) subsidy which will be available from April 1 to July 31, 2024. On the FAME 2 subsidies going away after March, Rakesh Sharma feels that cutting subsidies is going to hurt the market growth rate in the short term (as the prices of EVs will increase). However, he feels it is good in the long run as serious players and serious buyers will emerge eventually.

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As Rakesh Sharma revealed, the new Chetak is expected to launch in April or May 2024, and will likely be priced at just under Rs 1 lakh (ex-showroom including EMPS). Once launched, it will compete against the Ola S1 X, Ather 450S and TVS iQube. Sharma also mentioned that in the next three months or so, the dealer network will be expanded from the current 200 to over 500. At the moment, the Bajaj Chetak is the third best-selling premium electric scooter. So with the product and dealership expansion planned, Bajaj should have a strong chance of gaining the market share even further.

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