Bajaj Chetak electric scooter sales to more than quadruple in FY2023

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In its 2022-23 annual report, Bajaj Auto noted that sales of Chetak electric scooters more than quadrupled to 36,260 in FY2023, compared to 8,187 e-scooters in the previous fiscal. The company attributed this to the easing of the global semiconductor shortage affecting the company through the first quarter of fiscal 2023.

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| Updated on: July 4, 2023 at 18:17 pm

Chetak from Bajaj Auto

Despite strong market demand, the shortage of semiconductors has also affected Bajaj Chetak’s production. Speaking to shareholders, Bajaj Auto Chairman Niraj Bajaj said: “Thankfully, this dire supply shortage now appears to be over by the end of Q1 FY23. Thereafter, your company will ramp up production and sales significantly. “

The company also released sales figures for June. Total automaker sales were 340,981 units last month, a slight drop of 2 percent from 347,004 units in the same period last year. However, sales in the first quarter of fiscal 2024 were up 10% from the same quarter in the previous fiscal year. Bajaj Auto sold 1,027,407 units from April to June this year, compared to 933,646 units sold in the same period last year.

The automaker’s domestic two-wheeler sales last month were up 33 percent from a year earlier. The company sold 166,292 vehicles last month, compared with 125,083 in June 2022. However, the company’s exports, which accounted for 52.7% of net sales in FY2022, declined in both volume and value in FY2023.

Due to political and economic uncertainty in several major importing countries such as Nigeria, Egypt, Sri Lanka and Bangladesh; Nigeria’s demonetization order; lack of US dollars in the hands of importers are some of the main reasons for the drop in overseas sales, Bajaj pointed out.

First published date: July 4, 2023, 18:16 PM (UST)

https://auto.hindustantimes.com/auto/electric-vehicles/bajaj-chetak-electric-scooter-sees-over-four-fold-sales-growth-in-fy23-41688472704686.html

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