Rajiv Bajaj Declares Chetak the Best-Selling Electric Scooter, Reiterates Faith in Legacy Brands Over New-Age EV Makers
In a significant milestone for Bajaj Auto, Rajiv Bajaj, Managing Director of the company, announced that their electric scooter, Chetak, has climbed to the top spot in the Indian electric scooter market. Speaking to CNBC-TV18, Bajaj shared that based on December VAHAN registration data, the Chetak has surpassed its competitors to become the best-selling electric scooter in the country.
Bajaj Chetak Overtakes Ola
“CNBC-TV18 is very lucky for me… my son Rishabh, who has been part of the Electric Chetak team for the past 2.5 years, told me this morning that based on December VAHAN registration data, our electric scooter Chetak is now the largest-selling electric scooter, not third largest, in the country. So, the award could not be better timed,” said Bajaj.
This achievement comes as Bajaj Auto narrows the gap with Ola Electric, which had been holding the largest EV market share until November. Bajaj Auto and TVS Motor Company have been closing in on Ola’s lead in the fiercely competitive electric scooter market. Add to this, Bajaj is getting ready to launch new gen Chetak on 20th Dec.
A Playful Jibe at Ola Electric
While celebrating Chetak’s rise to the top, Bajaj couldn’t resist taking a playful dig at Ola Electric and its CEO, Bhavish Aggarwal. Commenting on the competitive landscape, Bajaj said, “Ola toh Ola hai, Chetak shola hai” — implying that while Ola remains a significant player, Chetak is a firebrand in the market.
Ola Electric, led by Bhavish Aggarwal, has been dominating the Indian electric scooter segment for months, but the gap between Ola and its rivals has been shrinking. Bajaj Auto’s success with Chetak, alongside TVS Motor Company’s performance, reflects an increasingly competitive landscape in India’s EV market.
A Proven Strategy: Betting on “BET” Over “OATS”
This latest development adds weight to Rajiv Bajaj’s earlier remarks where he dismissed new-age EV makers as “OATS”—a reference to Ola, Ather, Tork, and Simple—while expressing confidence in “BET”—Bajaj, Enfield, and TVS. Bajaj famously said he would bet on BET rather than OATS, and this statement seems to be ringing true in the current market scenario.
Ola Electric, which dominated the EV market until November, has registered declining sales, while Ather Energy is also witnessing challenges. Tork Motors is reportedly struggling for survival, and Simple Energy is still working on expanding its market reach. Meanwhile, legacy players like Bajaj and TVS have been steadily increasing their footprints by expanding dealerships and service networks, allowing them to gain an edge in the market.
Expanding Networks and Market Share
Bajaj Auto and TVS Motor Company have been steadily expanding their dealership and service networks, enhancing accessibility for customers across India, particularly in Tier 2 and Tier 3 cities where newer EV brands have faced challenges in establishing a foothold. Ola Electric, however, is not backing down. On December 20, the company plans to open 4,000 stores and service centers nationwide. Furthermore, Ola has ambitious plans for 2025, with multiple new product launches lined up, including electric motorcycles and electric rickshaws, signaling an intensifying competition in the EV market.
