Export of Bajaj Auto revives as EV sales accelerate

Category: Automobile

After experiencing a protracted difficult period due to the COVID-19 aftermath as the world struggled with supply issues, particularly semiconductors, Bajaj Auto has shown improvement in its operations in the month of March. Rakesh Sharma, Executive Director of Bajaj Auto, claims that the company's revenue peaked in February 2023. He claimed that "we probably hit the bottom in February and started to see recovery in March." Citing Sharma, CNBC-TV18 reported this information as well as the fact that demand for Bajaj Auto's products is increasing, which is positive news for the business. “Demand is increasing again”, he declared. This recovery includes the electric vehicle (EV) market as well as conventional gasoline-powered cars. In March 2023, Bajaj Auto's electric car segment experienced strong sales, and the business is upbeat about the future. Sharma claims that the business intends to offer 10,000 electric vehicle units per month at some point in the upcoming three to six months, which is a significant goal in India's expanding EV market. "March was a fantastic month for us. Between February and March, there was almost a three-fold increase in the number of retail sales + bookings that we had gotten. As the year goes on, we observe figures at 10,000 or higher. It is challenging to predict with certainty which month this will take place. We were producing 3,000–3,500 pieces, but there will be a ramp-up period before we reach 10,000. Therefore, in the near future, over the course of the next three to six months, there will be that kind of build-up, he said. Nigeria, the biggest export market for Bajaj Auto, has also experienced a remarkable turnaround recently. In March 2023, the business sold 24,000 units in Nigeria, which is a significant sign of the market's recovery. "In February, we sold 4,000 units in Nigeria; typically, we ship 50,000 units there throughout the year, but in March, we sold almost 24,000 units. He claimed that a large part of it was because the new administration had made it possible to use outdated banknotes. Moreover, over the past month, Bajaj Auto stock has increased by about 8%. Keywords: - Electric Vehicle, Electric Scooter, Electric Bike, EV News