Chetak Sparks Ahead: Rajiv Bajaj’s Fiery Jibe at Ola
Bajaj Auto’s CEO, Rajiv Bajaj, made headlines with a witty remark aimed at competitor Ola Electric during the CNBC-TV18 India Business Leader Awards 2024.
Bajaj revealed that the Bajaj Chetak has now emerged as the best-selling electric scooter in India, according to December VAHAN registration data. His playful jibe, “Ola toh Ola hai, Chetak toh shola hai,” added a touch of humor to the milestone celebration.
Bajaj Auto: Outstanding Company of the Year
At the CNBC-TV18 India Business Leader Awards 2024, Bajaj Auto was recognized as the Outstanding Company of the Year.
Rajiv Bajaj attributed the timing of the award to a significant achievement: his son Rishabh, a member of the Electric Chetak team, informed him earlier that day about Chetak’s new position as India’s largest-selling EV scooter.
Speaking at the event, Bajaj shared, “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 the third-largest—in the country. So, the award could not be better timed.”
The Rise of Chetak: Market Performance
December’s VAHAN registration data highlighted the Bajaj Chetak’s remarkable rise in the EV scooter market.
Previously ranked third, Chetak has now overtaken its competitors. Bajaj Auto sold over 24,978 units in November, achieving a 22.59% market share.
Despite leading the market in November with a 25.09% share (27,746 registrations), Ola Electric saw a 30% month-on-month and 2% year-on-year decline in sales.
TVS Motors followed closely with a 23.55% market share (26,036 registrations). Bajaj Auto’s upward trajectory underscores its growing dominance in the segment.
Chetak’s Journey and Future Plans
Bajaj Auto’s transformation has been pivotal to its success. The company transitioned from producing value-for-money scooters to manufacturing high-tech motorcycles, solidifying its global presence.
Rajiv Bajaj explained this evolution, stating, “We transitioned from being a local company selling domestically to a global entity exporting to over 100 countries.”
As the world shifts towards green energy, Bajaj Auto has embraced the change. The company has made strides from CNG three-wheelers to electric two- and three-wheelers.
The introduction of the world’s first CNG two-wheeler, Bajaj Freedom 125, marks its commitment to sustainable innovation.
Bajaj Auto is now gearing up to launch an upgraded version of the Bajaj Chetak on December 20, promising to elevate its market standing further.
Rajiv Bajaj’s Leadership Philosophy
During the event, Rajiv Bajaj quoted American activist Ralph Nader, saying, “I want the guys who love to win. If I can’t have them, I want the guys who hate to lose.” He credited his team of 10,000 employees for their relentless dedication, driving the company’s success.
Bajaj also humorously hinted at his long-standing relationship with CNBC-TV18, saying, “At some point, if I plan to run for Prime Minister, I will tell you [CNBC-TV18] before anyone else.”
Ola Electric and the Competitive Landscape
Ola Electric, led by Bhavish Aggarwal, has been a dominant player in India’s EV market. However, its market share has narrowed as rivals like Bajaj Auto and TVS Motors close the gap.
While Ola maintained a 25.09% market share in November, Bajaj Auto’s steady growth signals a shift in the competitive landscape.
Bajaj Auto’s Key Milestones
Rajiv Bajaj highlighted three critical milestones for Bajaj Auto:
- Technological Evolution: Transitioning from budget-friendly scooters to advanced motorcycles, achieving the highest market capitalization in the two- and three-wheeler segment globally.
- Global Expansion: Exporting to over 100 countries, earning the title of “the world’s favorite Indian.”
- Sustainability Initiatives: Pioneering green energy solutions, from CNG vehicles to electric scooters.
As Bajaj Auto celebrates its recognition as the Outstanding Company of the Year and the Chetak’s rise to the top of the EV market, it continues to set benchmarks in innovation, sustainability, and global expansion.
With the upcoming launch of the new Chetak model, the company is poised for even greater achievements.
