Pune: The first electric three-wheeler from Bajaj Auto will be unveiled in April 2023. It will be available in both the passenger and cargo vehicle categories when the product is launched. However, it will be available in a limited number of locations since the company plans to roll out the product gradually over time.
The company originally planned to launch an electric three-wheeler last year, but the launch was postponed due to user safety concerns.
The executive director of Bajaj Auto, Rakesh Sharma, said, “As it is very favorable to provide a stable product for commercial users, we want to proceed in phases, hence the limited launch. The company originally planned to launch an electric three-wheeler last year, but it was postponed due to safety concerns.”
“FAME approval and ARAI certification have been granted. Deliveries will be limited in the coming weeks. Dealers are ready and training is underway,” said Sharma as part of the announcement.
By FY2025, electric three-wheeler penetration in India is expected to grow from 8% to 14%-16%, according to a report by ICRA. Several rating agencies predict that market penetration will rise to 35-40% by FY2030 as the product becomes more popular and financing issues become less of an issue as the product becomes more popular.
The Bajaj Auto Company holds 76% of the market share in the three-wheeler market as of Q3 FY2023. Mahindra & Mahindra is now the market leader in electric tricycles. And the company currently does not have an electric product in its range to compete with Mahindra & Mahindra. In April, Bajaj Auto anticipates that vehicle product price increases will have a minimal impact on vehicle demand.
The statement has been expanded by Sharma to include: “We are looking not only at the OBD 2 standard but also at the expected rise in raw material costs. Price will be raised, but demand will not suffer. The top half of the segment is unaffected. Even the lower half will have little impact.”
As the adoption of electric tricycles is projected to increase in India, it symbolizes a shift toward sustainable mobility solutions, as well as a demonstration of the automotive industry’s potential to contribute to economic growth and tackle environmental challenges at the same time.
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