The new Bajaj EV sub-brand will cater to the 2-, 3- and 4-wheeler categories
Bajaj Auto has revealed that it will be forming a new electric vehicle (EV) sub-brand which will be wholly owned by the automaker.
The largest 2-wheeler exporter of the nation had on Thursday informed Bombay Stock Exchange that it will be forming a separate wholly owned subsidiary.
Its board of directors had approved incorporation of a new wholly owned sub-brand at a meeting held on Thursday.
A statement from Bajaj Auto reveals that the sub-brand will “leverage the growth opportunities in the evolving mobility space” and will help the firm “venture into the manufacturing of electric and hybrid vehicles.”
These new electric and hybrid vehicles will cater to the 2-wheeler, 3-wheeler and 4-wheeler category, says Bajaj, adding that the name of the entity is being finalised.
To have a proposed authorised capital of Rs. 100 crores, the new Bajaj EV sub-brand should sell the firm’s pure-electric models that are under development.
The company had already stated that it will launch its electric 3-wheelers in the second half (H2) of financial year 2021-22 (FY22).
Moreover, the automaker is also readying an electric version of the Qute along with an electric light commercial vehicle.
While it is unknown, the new subsidiary could also take care of the manufacture of KTM and Husqvarna electric motorcycles at its new manufacturing facility which is being set up next to its existing factory in Chakan.
The EV race seems to be picking up speed in India and with the advent of Ola Electric into the electric 2-wheeler space, things have changed dramatically.
Ather has announced it will look at producing a scooter with a sub-Rs. 1 lakh price tag, while Hero has partnered with Gogoro to launch electric scooters in India.
So what will Bajaj’s EV sub-brand be called? This might be pushing it too far, but could Bajaj’s new electric subsidiary be called the Chetak?
Considering the fact that Harley-Davidson made the LiveWire electric motorcycle into a separate brand, it would not be surprising to see the same happen here since the Chetak is a popular name in the country.