Bajaj Auto to Launch New Electric Three-Wheeler Brand ‘Bajaj GoGo’

Key Highlights:

• Bajaj Auto is launching a new electric three-wheeler brand, Bajaj GoGo, which will focus on the passenger and cargo segments.
• The company plans to introduce another electric three-wheeler to boost market share within a month.
• Bajaj Auto’s market share in the electric commercial vehicle segment grew to 35% in Oct-Dec, up from 30% last year.
• In 2024, electric three-wheelers accounted for 56% of total three-wheeler sales, with Bajaj among the top three manufacturers.
• Bajaj Auto reported a 6% revenue growth in the Oct-Dec quarter, driven by strong exports and EV segment expansion.

Bajaj Auto Ltd has announced the upcoming launch of a new brand, ‘Bajaj GoGo,’ which will exclusively focus on electric three-wheelers in both the passenger and cargo segments. The company’s Executive Director, Rakesh Sharma, revealed this news, though he did not specify the exact launch date.

Purpose of Bajaj GoGo

The new brand aims to strengthen Bajaj Auto’s presence in the electric three-wheeler market by creating a unique identity for its electric products. This move will help the company differentiate its offerings and contribute to future growth.

Expansion Plans and Market Share Goals

Bajaj Auto is also set to introduce another electric three-wheeler in about a month. With these initiatives, the company plans to significantly increase its market share in the three-wheeler sector by the end of the fourth quarter. 

In the electric commercial vehicle space, Bajaj Auto’s market share grew to 35% in the Oct-Dec period, up from 30% last year. Additionally, the company expanded its three-wheeler network to 850 touchpoints, up from 600.

Electric Three-Wheeler Market in 2024

According to Vahan data, the three-wheeler industry in 2024 saw a total of 12.21 lakh units sold across various powertrains, including electric, petrol, diesel, CNG, and LPG. Electric three-wheelers accounted for 691,323 units, making up 56% of total sales. 

Bajaj Auto, Mahindra Last Mile Mobility, and YC Electric were among the top three manufacturers in this segment. Bajaj Auto plans to capture the top spot through aggressive expansion and new product launches.

Bajaj Auto’s Strong Performance in 2024

In terms of overall three-wheeler sales, Bajaj Auto is a dominant player, having sold 438,941 units in 2024. This compares to 93,731 units sold by Piaggio Vehicles Pvt Ltd and 76,450 units by Mahindra & Mahindra Ltd.

Financial Performance

Bajaj Auto reported a 6% increase in revenue from operations to ₹12,807 crores for the Oct-Dec quarter. A strong recovery in exports and expansion in the electric vehicle segment drove this growth. The company also achieved its highest-ever festive retail volumes in the domestic market. 

On the profitability front, Bajaj Auto posted an EBITDA of ₹2,581 crores and a PAT of ₹2,109 crores, with an EBITDA margin of 20.2%, showing a 10 basis points improvement year-over-year.

Also Read: Electric 3W L5 Sales Report November 2024: MLMM and Bajaj Auto Emerges as Top Choice.

CMV360 Says

Bajaj Auto’s decision to launch ‘Bajaj GoGo’ shows its strong focus on the electric three-wheeler market. The company is expanding touchpoints and introducing new products will help the company to grow in this segment. With the rising demand for electric vehicles in India, this move could strengthen Bajaj Auto’s position and bring more options for customers.