‘Bajaj GoGo’ Brand Set to Boost Electric Three-Wheeler Market
Indian automobile company Bajaj Auto Ltd. is all set to launch a new brand for its electric three-wheelers, Bajaj GoGo. This move aims to strengthen its identity in the growing electric vehicle (EV) segment. The brand will cover both cargo and passenger categories and confirm the market through this new product. However, the exact launch date has not been announced yet.
A Step Towards Market Growth
According to Bajaj Auto’s Executive Director, Rakesh Sharma, Bajaj GoGo will allow the company to establish a strong presence in the electric three-wheeler segment. This strategic move will help differentiate Bajaj’s products from competitors, boost sales, and expand market reach.
New Electric Three-Wheeler on the Way
Bajaj Auto is also gearing up to introduce another electric three-wheeler in the coming month. With this new launch and the ‘Bajaj GoGo’ brand, the company aims to significantly increase its market share in the three-wheeler segment by the end of the fourth quarter.
Growing Market Share and Network Expansion
The company has already made notable progress in the electric commercial vehicle market. In the Oct-Dec quarter, its market share grew from 30% last year to 35%. Additionally, Bajaj Auto expanded its three-wheeler dealership network from 600 to 850 touchpoints, improving customer accessibility.
Electric Three-Wheeler Industry Trends
The Indian three-wheeler industry saw a strong sales volume in 2024. Vahan data indicates that 12.21 lakh three-wheelers were sold across different fuel types, including petrol, diesel, CNG, LPG, and electric. Notably, electric three-wheelers accounted for 691,323 units, making up 56% of the total sales.
Three-wheelers are the leading three top producers in this sector, including Bajaj Auto, Mahindra Last Mile Mobility, and YC Electric. Nevertheless, Bajaj Auto has gained the throne with new products and a strengthened dealer network.
Bajaj Auto’s Leadership in the Three-Wheeler Market
When it comes to selling three-wheelers, Bajaj Auto's total sales remained miles above the competition. In 2024, the firm had a sales of three-wheelers at 438,941 units, whereas sales of Piaggio Vehicles Pvt Ltd were much lower at 93,731 units and Mahindra & Mahindra Ltd's sales comprised 76,450 units.
Financial Performance and Business Growth
Bajaj Auto reported revenues from operations were up 6% to ₹12,807 crores in the Oct-Dec quarter. These results were better than the preceding sequential quarter, led by strong export recovery, expansion in the electric vehicle segment, and high festive retail sales in the domestic market.
On the profitability front, it did exceptionally well. EBITDA stood at ₹2,581 crores, and PAT was ₹2,109 crores. Additionally, the EBITDA margin remained steady at 20.2%, showing a slight improvement of 10 basis points compared to the previous year.
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