Rajiv Bajaj celebrates Chetak's success; says 'Ola to Ola hai, Chetak to Shola hai’

Bajaj Auto was honored as the Outstanding Company of the Year on December 7 at the CNBC-TV18 India Business Leader Awards (IBLA) 2024. Rajiv Bajaj, the company’s Managing Director, announced that as of December 2024, the Chetak electric scooter has become the largest-selling electric two-wheeler in India. “I’m very lucky that CNBC-TV18 is with me on this journey. My son Rishabh, who has been part of the Electric Chetak team for the past 2.5 years, shared with me this morning that based on December VAHAN registration data, our Chetak has surpassed others to become the top-selling electric scooter in the country,” Bajaj said.

As Chetak reached the top spot in early December, Bajaj also made a pointed comment about rival Ola Electric, led by Bhavish Aggarwal. "Ola toh Ola hai, Chetak shola hai," he quipped, highlighting Chetak’s rapid rise in the market.

Ola Electric had led the electric vehicle (EV) market in India until November 2024, but Bajaj Auto and TVS Motor Company have been narrowing the gap. In November, Ola Electric secured a market share of 25.09 percent, with 27,746 registrations, while TVS held 23.55 percent (26,036 registrations) and Bajaj Auto claimed 22.59 percent (24,978 registrations).

During the award ceremony, Bajaj also highlighted three key milestones in the company’s journey, that is, technological advancement, global expansion, sustainability and green energy. Bajaj said, “We shifted from being value-for-money scooters to high-tech motorcycles, which helped us become the most valuable two- and three-wheeler company in the world by market capitalization three years ago, and our value has only grown since then.” He further spoke about the company’s growth from a local player to a global enterprise. “We now export to over 100 countries. We proudly call ourselves the world's favorite Indian, representing our country globally across different markets and sectors,” he added. Emphasizing on the company’s commitment to sustainability, he noted, “We’ve been making the transition from fossil fuels to green energy. From CNG three-wheelers to electric two- and three-wheelers, and now the world’s first CNG two-wheeler, the Bajaj Freedom 125, we are actively contributing to the green energy future.”

Moreover, Bajaj reflected on his long journey with CNBC-TV18, recalling his first interview with the network over 20 years ago. He also humorously joked, “If I ever plan to run for Prime Minister, I’ll tell CNBC-TV18 first,” drawing laughter from the audience.