According to Bajaj Auto’s latest annual report, the domestic sales of its electric scooter Chetak witnessed significant growth, increasing more than four-fold to 36,260 units in FY23. This surge in sales was attributed to the easing of the global semiconductor shortage that had impacted production in the previous fiscal year. In FY22, as reported in Bajaj Auto’s Annual Report for 2022-23, the Chetak electric scooter sold 8,187 units.
The annual report highlighted that the semiconductor shortage had affected Chetak’s production, despite high market demand, until the end of the first quarter of FY2023. However, with the subsequent easing of supply-side constraints, Bajaj Auto was able to increase the manufacturing of Chetak. The iconic Chetak brand was reintroduced as an electric scooter in FY2021, and its domestic sales in the year ending March 2021 stood at 1,395 units.
The report stated that the Chetak is currently sold through 105 dealers across 84 cities. In his address to shareholders, Bajaj Auto Chairman Niraj Bajaj acknowledged the impact of semiconductor scarcity on the production of motorcycles and top-of-the-line electric vehicles like the Chetak in FY22. However, he reassured that the supply scarcity was resolved by the end of the first quarter of FY2023, enabling substantial increases in production and sales.
Regarding exports, Bajaj highlighted a decline in volume and value terms in FY23, citing political and economic uncertainties in major importing countries such as Nigeria, Egypt, Sri Lanka, and Bangladesh. Factors such as demonetization in Nigeria and the unavailability of US dollars for importers contributed to the decrease in overseas sales. Bajaj Auto consciously decided to reduce its exposure in some key international markets due to the challenging circumstances faced by exporters in general.
