Bajaj Chetak electric scooter sees over four-fold sales growth in FY23

Bajaj Auto has seen over four-fold increase in sales of its Chetak electric scooter to 36,260 units in FY23 as compared to the previous fiscal when the e-scooter clocked 8,187 units, the company noted in its annual report for 2022-23. The company attributed this to easing of global semiconductor shortage that affected the company up to the first quarter of FY2023.

The semiconductor shortage had also affected production of Bajaj Chetak despite demand in the market. "Thankfully, this terrible supply scarcity was over by the end of the first quarter of FY2023. Thereafter, your company was all set to increase substantially production and sales," Bajaj Auto Chairman Niraj Bajaj said in an address to shareholders,

The company also released its sales figures for the month of June. The OEM sold a total of 340,981 units last month, witnessing a slight decline of 2% from the year-ago period when it sold 347,004 units. However, it saw a 10% rise in sales in Q1 FY24 over the same quarter last fiscal. Bajaj Auto sold 1,027,407 units from April to June this year as compared to 933,646 units sold during the same period last year.

The OEM's domestic two-wheeler sales last month jumped 33% from the corresponding month a year ago. It saw sales of 166,292 units last month as compared to 125,083 units sold in June of 2022. However, the company's exports, which accounted for 52.7 per cent of its net sales in FY22, dropped both in volume and in value terms in FY23.

Due to political and economic uncertainties in several major importing countries such as Nigeria, Egypt, Sri Lanka and Bangladesh; demonetisation in Nigeria; and unavailability of US dollars in the hands of importers were some of the main reasons for the drop in overseas sales, Bajaj pointed out.