Bajaj Signals Electric Motorcycle Roadmap With Active R&D, Says Market Demand Still Hard to Predict

Bajaj Auto reported that the electric two-wheeler industry continues to operate at close to one lakh units per month. The company said Chetak’s demand remained strong even after a temporary slowdown caused by shortages of rare-earth magnets. Bajaj has now shifted to alternative sources, restoring full production by late September.

Bajaj Chetak regained the number-one position in Vahan registrations in October and now operates through 390 exclusive outlets and over 4,000 touchpoints across 800 cities.

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During the earnings call, Bajaj confirmed ongoing work on electric motorcycles. The company noted that certain use cases in India and global markets show potential for EV bikes. Although demand patterns are still uncertain, Bajaj stated that the larger risk would be “missing the opportunity,” and therefore R&D efforts on electric motorcycles are active. No launch timeline was provided, but the company indicated it aims to have options ready as the segment evolves.

Electric products - including Chetak, electric three-wheelers and Yulu - contributed about 20% of domestic revenue in Q2. The company also reported that the EV portfolio delivered double-digit EBITDA, helped by improving unit economics.

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Bajaj noted that while the GST reduction boosted conventional motorcycle demand during the festive period, EV interest slowed temporarily. However, the company expects EV demand to stabilise because users continue to shift to electric models to manage daily running costs.

According to Bajaj, typical operating costs remain a key driver: about 30 paise per km for EVs compared to Rs 3 per km for ICE scooters, making the long-term economics favourable for electric formats.

Bajaj plans to launch a new Chetak model early next year, expanding its EV portfolio further. Combined with active electric motorcycle development, the company’s roadmap indicates a broader move from electric scooters to electric bikes over the next phase of growth.

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