Bajaj Auto ventures to EV market with significant investments and expanding Chetak series
Chhatrapati Sambhajinagar: Bajaj Auto is making significant strides in the electric vehicle (EV) industry, allocating Rs 400-500 crore for investments in the fiscal year 2024. This substantial fund will be utilized for two major initiatives. Firstly, the company plans to establish a cutting-edge electric three-wheeler facility in Chhatrapati Sambhajinagar. Additionally, Bajaj Auto will utilize the funds to manufacture dies and moulds for its forthcoming electric two-wheelers through its newly formed entity, Chetak Technologies.
In the electric two-wheeler segment, Bajaj's iconic brand 'Chetak' is set to receive exciting new variants starting this year. In May 2023, the company ramped up Chetak's production to 10,000 units per month to meet growing demand. With an expansive network comprising 105 dealers across 84 cities, Bajaj Auto aims to bolster its market presence further. Moreover, the production of EV three-wheelers will start in the next six months, said company officials.