India’s booming electric three-wheeler market, which is set to exceed best-ever fiscal-year retail sales of over 600,000 units in FY2024, is seeing the emergence of Bajaj Auto, the ICE-engine three-wheeler market leader.

The Pune-based auto major which has registered cumulative retail sales of 400,546 three-wheelers in the April 2023 to March 17, 2024 period, as per Vahan data, and recorded handsome 51% YoY growth (FY2023: 264,677 units), is gradually moving up the ladder board in the electric three-wheeler industry.   

Bajaj Auto is a recent entrant in the three-wheeled EV market, having launched two products – the Bajaj RE E-Tec 9.0 passenger EV and Maxima XL Cargo E-Tec 12.0 – in June 2023. In the nine-and-a-half months since then till March 17, 2024, the company has sold a total of 8,601 units (see sales data table below). The highest monthly retails in the past 10 months have come in January 2024 – 1,579 units.

In January (1,579 units) and February 2024 (1,381 units), Bajaj Auto was ranked sixth in field of nearly 500 players. 

As the retail sales data table reveals, the past five months have seen sales of 6,521 units or 75% of the company's total e-three-wheeler sales to date and reflect the growing demand for the Bajaj RE E-Tec 9.0 and Maxima XL Cargo E-Tec 12.0 EVs.

In CY2023, Bajaj Auto was ranked No. 28 with 4,573 units in the six-month June-December 2023 period. Strong market performance in the first two months of this year has seen the company drive up the OEM ladder board. In January 2024 (1,579 units) as well as February 2024 (1,381 units), Bajaj Auto was ranked No. 6 in a field comprising 485 players.

In the current fiscal year, with a fortnight left for FY2024 to draw to a close, Bajaj Auto’s cumulative 10-month retail sales are 8,601 units. This places it at No. 21 position on the cumulative sales front, as a result of the slower sales in the first five months since market entry. The first four-figure sales were registered in November 2023 (1,231 units), and since then the company has maintained the growth momentum. Expect it to continue up the ante this year with ramped-up production and an expanded EV sales network.

Two Bajaj models in electric three-wheelers
As per the company website, the Bajaj RE E-Tec 9.0 passenger-carrying e-three-wheeler, which is powered by an 8.9 kWh battery, has a range of 178km on a single charge, 45kph top speed and is equipped with a two-speed automatic transmission. This model, which develops 4.5 kW power and 36 Nm torque, takes 4-and-a-half hours for a full charge. Tyres are 120/80-R12 radials. It is priced at Rs 306,550 (ex-showroom Agra) after the FAME II subsidy.

The Bajaj Maxima XL Cargo E-Tec 12.0, which develops 5.5 kW power and 36 Nm, has a bigger battery and higher range of 183km per charge than the RE E-Tec 9.0 passenger model. Image: Bajaj Auto

The cargo-transporting Bajaj Maxima XL Cargo E-Tec 12.0, which develops 5.5 kW power and 36 Nm torque, has a bigger lithium-ion (LFP) battery – 11.8 kWh – which gives it a higher range of 183km per charge. It has a 40kph top speed and takes 5 hours 40 minutes for a full charge, and 80% in four hours. Suspension duties are handled by twin shock absorbers with spring in front and an independent trailing arm with helical spring at the rear.

The Bajaj Maxima XL Cargo E-Tec 12.0 is shod with 130/80-R12 tubeless radial tyres. Other highlights are a regenerative braking system and hill-hold assist. Bajaj Auto is offering a warranty of 36 months / 80,000km on the cargo model which is priced at Rs 377,391 (ex-showroom Pune), after FAME II subsidy.

ALSO READ: 
Electric PV sales soar to 79,550 units in first 11 months of FY2024

Electric two-wheeler sales exceed 800,000 units in first 11 months of FY2024