Bajaj Auto will be introducing electric vehicles (EVs) next year, according to Rajiv Bajaj, MD.
Besides electric two-wheelers, the company was also looking at launching the electric version of its quadricycle Qute as well as electric three-wheelers, Mr. Bajaj said on Monday.
The company, which announced a new identity — ‘The World’s Favourite Indian’— would also be launching the KTM-owned Husqvarna motorcycle brand in the Indian market in 2019, with about “half a dozen” products. Mr Bajaj added that he believed that the Husqvarna bikes had the potential to become even bigger than KTM, not just in India but across the globe.
“Electric Qute and electric three-wheelers are very much on our agenda,” Mr. Bajaj said, adding that the company needs EVs not just for the India market but also its overseas markets as “[the] problem of pollution and congestion and the need for EVs, shared and connected mobility are there, too.”
On the company’s new identity, Mr Bajaj said it reflected the transition of brand Bajaj from being a domestic scooter maker to a global motorcycle powerhouse. “Bajaj has grown to become India’s number one motorcycle exporter… 40% of our revenue now comes from the international market,” he added.said.
In 2018, the company exported two million units to about 70 countries.
On calls from industry players for reduction in GST on two-wheelers, Mr. Bajaj said, “I do concede that to call two-wheeler or a motorcycle in this country a luxury item doesn’t have a logic. It is not a luxury item... If 28% [GST] is for luxury items and 18% [GST] is for normal items then logically it seems to me that 18% [GST] make sense.”
He pointed out that vehicle costs will go up in the future due to new emission and safety regulations being implemented, “So, if the government were to take a kind view of this and mitigate some of the the cost increase by adjusting the GST at that time, to me that seems to me a logical thing.”
For instance, Mr Bajaj said the price of a 150 cc motorcycle may go up by ₹10,000-₹15,000.
Talking about On Qute, Mr Bajaj said while the company was exporting the quadricycle to 20 countries, the launch in India was delayed due to regulatory hurdles. Bajaj Auto executive director Rakesh Sharma added that the company was in the last legstage of getting approvals in various States and Qute could be seen on Indian roads from March onwards.
To a query on targets for the domestic market, Mr. Bajaj said, the company has been able to add about 6-7% market share in the domestic motorcycle market to reach 20-21% share in the past nine months. However, he did not specify a target for the future.