Bajaj Auto says EVs contribute 30% of domestic revenue, targets half of sales
Bajaj Auto says its EV business, led by Chetak, is EBITDA-positive and already contributes 30% of domestic revenue. The company expects EVs to account for half of domestic sales in the near future while reducing management layers to four to improve agility.
What happened
Bajaj Auto says EVs already generate 30% of domestic revenue and could reach half of domestic sales soon. The company says Chetak is EBITDA-positive, Pulsar is
Key facts
- Electric vehicles contribute 30% of Bajaj Auto's domestic revenue
- Bajaj Auto projects EVs will account for half of domestic sales in the near future
- Pulsar is an ₹11,000 crore brand
- Pulsar exports to 108 countries
- Bajaj Auto has sustained a 20% EBITDA margin for several quarters
- Management hierarchy has been reduced to four levels
Why this matters
Bajaj Auto’s EV momentum raises the strategic value of acquisitions or partnerships in batteries, charging, software and supply-chain localization to defend Chetak’s position as the category scales.
What to watch
- Monthly Chetak registrations, market share and dealer additions relative to TVS, Ather, Ola and Hero MotoCorp.
- Management disclosure of EV gross margin, EBITDA contribution, battery localization and working-capital trends.
- Whether EV mix growth comes from incremental demand or cannibalizes Bajaj's own ICE scooter and motorcycle sales.
- Discounting intensity, financing schemes and inventory levels across the electric two-wheeler market.
- Battery-cell prices, government incentive changes and charging or service-network expansion beyond top cities.
- Evidence that organizational delayering shortens launch cycles or lowers employee and overhead costs.
- Expand Chetak retail points and integrate EV inventory into Bajaj's broader dealer network.
- Launch lower-price and higher-range Chetak variants to cover commuter and premium urban segments.
- Increase localization of batteries, power electronics and components to protect EBITDA as volumes scale.
- Simplify reporting layers and shift faster product, pricing and regional allocation decisions closer to operating teams.
- Use captive or partner financing, exchange offers and service packages to reduce upfront-cost barriers for EV buyers.
- Defend ICE motorcycle profitability by concentrating ICE investment on higher-margin brands and export markets.