Bajaj Auto Closes Gap with Mahindra in Electric Three-Wheeler Market

Key Highlights:

• Bajaj’s GoGo EV helped narrow the sales gap with Mahindra to just 123 units in the L5 electric three-wheeler market.
• GoGo offers 251 km range at ₹3.26 lakh, Bajaj now leads the passenger EV segment with 39% share.
• Bajaj holds 74% share in the non-electric 3W market and plans a bigger GoGo for rural use.
• Chetak became the top electric scooter in two of the first four months of 2025.
• Bajaj hit EBITDA breakeven in EVs.

Bajaj Auto made a smart move with its Chetak EV. Now, its new electric three-wheeler brand, GoGo, is also doing well. In just three months, GoGo has helped Bajaj Auto come close to Mahindra & Mahindra, which has been the top player in this market. In December last year, Bajaj was behind by 1,300 units. But in April, the gap became very small, only 123 units.

The GoGo electric passenger three-wheeler is becoming popular because it offers the best-in-segment range of 251 km and is priced at Rs 3.27 lakh. Bajaj Auto now holds a strong 36% share in the high-speed electric three-wheeler (L5) market, according to data from the Vahan portal. It also leads the non-electric three-wheeler market with a big 74% share by the end of FY25. 

Leadership Insights:

Samardeep Subandh, President of Bajaj Auto’s Intracity Business, said that within just two months of GoGo’s launch, Bajaj had taken 36% of the electric commercial market. In the passenger EV segment, the company now leads with a 39% share. Experts at Nuvama say that Bajaj is planning a bigger version of the GoGo to meet the needs of rural customers. They expect the L5 electric three-wheeler market to grow by 4% to 6%, mostly because more people are choosing electric vehicles.

In 2024, the electric three-wheeler market grew by 18%, reaching 6,91,303 units. This segment now has the highest use of electric vehicles, 57% of all three-wheelers sold being electric. That means every second, a three-wheeler sold in India is an EV. Bajaj is doing well in the two-wheeler electric market too. Its Chetak brand, which was brought back five years ago, ranked third in 2024. But in 2025, it became number one in two out of the first four months, according to data from the Federation of Automobile Dealers Association (FADA).

Bajaj’s market share in the electric two-wheeler space grew to 24% between January and April, up from 22% in 2024. This progress happened even though Ola Electric, the previous leader, offered big discounts and cheaper models. According to FADA data from the Vahan portal, Bajaj had a 10.85% share in April, its lowest since October 2022, when it had 9.98%. Bajaj Auto still sells petrol scooters in about one-third of India’s two-wheeler market. But now, the company is growing fast in the electric vehicle space.

In January, the company shared that 22% of its domestic revenue comes from electric vehicles. It also said it has reached EBITDA breakeven in both electric two-wheelers and three-wheelers. Bajaj Auto will report its financial results for the March quarter on May 29. Analysts at Nuvama said Bajaj is getting stronger in EVs with the launch of its new e-scooter models (3501 and 3502), built on a new platform. They expect Bajaj’s EV business to grow at 30% every year until FY25.

Also Read: Bajaj Auto Secured Top Spot in India’s Electric Three-Wheeler Market

CMV360 Says

Bajaj Auto's strong push into the electric vehicle segment shows smart strategy and timely execution. The success of GoGo and Chetak highlights the company’s ability to offer better value and performance. If Bajaj continues this momentum, it could become a leader in both the electric two-wheeler and three-wheeler markets in India.