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Bajaj Auto currently offers the Chetak EV electric scooter, which is currently being sold exclusively in KTM showrooms across the country. However, according to the latest reports, the company is now looking to open a new subsidiary dedicated to EVs in India.
Bajaj looks to enter several other segments in electric and hybrid vehicles in the two, three and four-wheeler categories. As a result, the company informed Bombay Stock Exchange stating that the board of directors have approved the incorporation of a wholly-owned subsidiary at the meeting held on Thursday.
The report also revealed that the name of the subsidiary is currently being finalized and Rs 100 crore have been earmarked for the authorized capital. This will help the company to concentrate its efforts on building an exhaustive electric and hybrid vehicle portfolio.
A statement from the company said, "The wholly-owned subsidiary will leverage the growth opportunities in the evolving mobility space and will help the company venture into the manufacturing of electric and hybrid vehicles in the two, three and four-wheelers category"
As mentioned earlier, Bajaj Auto currently offers Chetak EV. The e-scooter is currently available for bookings in Pune, Mangalore, Bangalore, Mysore, Aurangabad and Nagpur. The company plans to rapidly expand sales of the electric scooter this year.
Speaking about the scooter itself, the Chetak is powered by a 4kW electric motor paired with a 3kWh lithium-ion battery pack. The electric powertrain produces a peak torque of 16Nm and offers a maximum riding range of 95km on a single charge.
The e-scooter also comes equipped with fast-charging technology. The company claims that the scooter will have enough juice to travel 25kms with an hour of charge.
Additionally, the company's premium bike brand KTM is also working on a range of electric motorcycles, which may be introduced in India at a later date.
Thoughts About The Bajaj EV Subsidiary Being Setup In India
Bajaj Auto's chief rivals Hero MotoCorp and TVS Motor Company have announced their dedicated roadmap for the EV segment. Additionally, with new players such as Ather Energy, Ola Electric and Revolt Intellicrop joining the bandwagon, Bajaj is looking to strengthen its presence in the EV segment with a wholly-owned subsidiary.