Bajaj Auto Ltd will launch a new brand for its electric three-wheeler business. The brand, called ‘Bajaj GoGo’, will exclusively focus on electric autos in both passenger and cargo segments, the company’s Executive Director Rakesh Sharma said on Tuesday. However, he did not reveal the date for the launch of the new brand.
Bajaj GoGo will allow the company to create a strong identity for its electric products in the three-wheeler segment. This will help the company differentiate its offerings and drive growth, said Sharma.
The Pune-based company also plans to introduce another electric three-wheeler in about a month's time. With these initiatives, it aims to substantially increase its market share in the three-wheeler space by the end of the fourth quarter, Sharma said. In the December quarter, Bajaj Auto clocked its highest-ever retail sales of three-wheelers at 125,000 units, of which 17,000 were electric vehicles. The company’s electric three-wheeler market share grew to 35% in Oct-Dec from 13% last year. It also expanded its three-wheeler network to 850 touchpoints from 600.
In 2024, the three-wheeler industry sold a total of 12.21 lakh units across petrol, diesel, CNG, LPG and electric powertrains, according to Vahan data. Of the total sales, electric three-wheeler sales were 691,323 units, accounting for 56% of the sales. Mahindra Last Mile Mobility, YC Electric, and Bajaj Auto, were among the top three manufacturers in this segment. However, the Pune-based company plans to grab the top spot by aggressive expansion of touchpoints and introduction of new products.
In overall three-wheeler sales, Bajaj Auto is a much bigger player than the competition. In 2024, Bajaj Auto sold a total of 438,941 three wheelers, compared to 93,731 units sold by Piaggio Vehicles Pvt Ltd and 76,450 units by Mahindra & Mahindra Ltd.
Bajaj Auto reported a 6% year-over-year increase in revenue from operations to ₹12,807 crores for the Oct-Dec quarter. The company’s sales growth was driven by strong exports recovery and expansion in their electric vehicle segment. It was also underpinned by their highest-ever festive retail volumes in the domestic market.
On the profitability front, the company achieved significant milestones, with EBITDA at ₹2,581 crores and PAT at ₹2,109 crores respectively. EBITDA margin remained steady at 20.2%, showing a 10 basis points improvement year-over-year.