- Bajaj to setup new EV-focused brand
- To invest Rs 100 crore in the new entity
- Will also include hybrid vehicles
Bajaj Auto is looking to set up a new, wholly-owned subsidiary that will focus solely on EVs. A statement from the regulatory filings revealed that “The wholly-owned subsidiary will leverage the growth opportunities in the evolving mobility space and help the company venture into the manufacturing of electric and hybrid vehicles in the two-, three- and light four-wheeler categories.”
While similar speculation had cropped up prior to the launch of the Chetak through the Urbanite brand, the recent one has been approved by the board of directors and could come into play soon. Bajaj has even shared its intention of investing Rs 100 crore on the new sub-brand- whose name is currently unannounced.
With the rising costs of fuel in India, customers are looking for other viable means of transport. And with the huge incentives introduced by the governments for purchasing two-wheelers, the electric two-wheeler segment is undoubtedly the next big target for manufacturers. Bajaj’s rivals like Hero and TVS have also revealed their plans and huge investments towards electric mobility. Even Suzuki has been spotted testing the electric Burgman Street. That said, Bajaj would also have to compete against other electric vehicle manufacturers like Ather as well as OLA that is set to launch its new scooter in our country soon.
