The festive season has sparked a slight shift in the electric two-wheeler (e2W) market, as TVS iQube has overtaken Bajaj Chetak in sales. According to the Vahan portal, TVS has sold close to 25,000 units of the iQube so far in October, compared to just under 24,000 units for Bajaj.
The festive season has ushered in a shift in the electric two-wheeler (e2W) market, with TVS iQube surpassing Bajaj Chetak in sales. Data from the Vahan portal reveals that TVS sold nearly 25,000 units of iQube in October, edging out Bajaj’s just under 24,000 units. Despite Bajaj Auto’s spotlight in September when Chetak became the second best seller, the competition between TVS and Bajaj remains tight, likely to persist with new product rollouts on the horizon. Bajaj plans to introduce a refreshed range next month, while TVS is rumoured to be preparing a sub-one lakh rupee product soon. Ola Electric continues to dominate the market, with over 34,000 units sold, capturing over 30% of the market share this month, despite controversies over product servicing. Ather and Hero MotoCorp also posted strong sales figures for October.
In-depth commentary from Bajaj suggests confidence in Chetak’s future performance. Executive Director Rakesh Sharma highlighted the expected growth in market share following the launch of an upgraded range next month. The revamped Chetak aims to offer competitive advantages and improved profit margins. Bajaj has refined its retail strategy, now distributing Chetak through existing motorcycle dealerships as well as exclusive showrooms, a change aimed at boosting rural sales.
Conversely, TVS Motor Company maintains a strong market presence with iQube through strategic product diversification and pricing. K N Radhakrishnan of TVS noted the introduction of new iQube variants with different battery options to cater to varied customer needs, emphasizing accessibility to electric mobility. Although a potential sub-one lakh rupee product has been hinted at, official confirmation remains pending.
