Bajaj Chetak: The Nostalgia
There are currently only two mainstream two-wheeler manufacturers offering electric scooters: Bajaj Chetak and iQube. There have been two more recently launched, Ola Scooter and Simple One. These scooter sales will see significant fluctuations throughout 2021. A new electric scooter, the Bajaj Chetak, has been launched by Bajaj Auto Limited for Rs 1 lakh.
A new vertical has just been launched within Bajaj Auto which is dedicated to electric cars (EVs). It will be available in two variants. In recent years, sales have been adversely affected by the lack of semiconductors and restrictions due to pandemics. Currently, there is another trend that is evident, where electric scooter sales are increasing as fuel prices continuously rise.
Statistics of Bajaj Chetak & iQube
Despite Chetak’s gains in July, cumulative sales of 730 units are still behind Bajaj Chetak. YoY growth is 2254.84% higher in July this year than in July last year when just 31 units were sold. By comparison, TVS sold 540 units of the iQube in July. The growth in July from 23 to 2247.83% is 2247.83% over last year.
In July, Bajaj Chetak sold 61.50% more than it did in June when it sold 452 units. As compared to 639 units sold in June, the MoM numbers for iQube are negative at -15.49%. The cumulative sales numbers for iQube continue to outpace those for Chetak, despite Chetak leading in July. There were 1,261 units sold by Bajaj Chetak between Jan and July 2021. Sales for iQube were 1,715 units in the same time frame.
Bajaj Chetak, iQube expansion plans
The recent increase in fuel prices is expected to lead to an increase in the sale of electric two-wheelers. Another factor that may help boost sales is the subsidies offered by the federal government and the states. With the growing availability of battery swapping and charging infrastructure, there will be more motivation for individuals to switch to electric vehicles.
Both Bajaj and Chetak are expanding to new cities to capitalize on these factors. Chetak was available in Pune and Bengaluru only at the time of its launch. The coming months will see more cities covered.
With 22 additional cities on the agenda by this year’s end, Bajaj plans to roll out Bajaj Chetak. A total of 40 cities will be served by Chetak by March 2022. There are currently 5 TVS iQube locations in Pune, Delhi, Bengaluru, Chennai, and Coimbatore. There are plans to cover more cities in the near future. Mumbai, Ahmedabad, and Kolkata are among the cities included. In addition to Tier I cities, iQube will also be available.
The target is to cover 20 cities by the end of the fiscal year. About 1,000 dealerships will soon be able to offer iQube. There is a vast dealer network for both Bajaj and TVs. Electric products can be introduced into newer locations without experiencing significant difficulty.
We all know how strong nostalgia can be, don’t we? Hearing it can bring back memories of times gone by, bringing back familiar, fuzzy feelings. There is only one thing you need: a trigger. As an iconic motorcycle, the Bajaj Chetak is the closest thing to a time capsule, its name conjuring up an instantaneous sense of it. The sounds they made as they buzzed down the road, leaving a plume of smoke behind them, said so much about their humble two-stroke engines.
Millions adored this dependable workhorse, and the emotional chord it struck is something few two-wheelers can tap these days. The Bajaj Auto company has decided to revive the Chetak brand as it steps into the electric scooter market. It is hard not to understand the reasons behind this decision.
No matter how brilliant the marketing decision maybe, a boardroom decision can only have a limited impact on a product’s fate. Furthermore, it is the product’s attributes, in this case, the Bajaj Chetak electric, which determines whether it is a success or a failure. We should have a fair idea after a quick spin.