Bajaj Auto has earmarked Rs 400-500 crore towards investments in EVs in FY24. The funds will be used to set up a new electric three-wheeler facility in Aurangabad, Maharashtra and for making dies and moulds of its upcoming electric two-wheelers under the newly formed company, Chetak Technologies.

In the electric two-wheeler segment, ‘Chetak’ will get new variants starting this year. The company had increased Chetak’s production to 10,000 units a month in May, 2023, and has expanded the network with 105 dealers across 84 cities.

The company is active in the electric three-wheeler segment with operations spread in Agra and Pune. The passenger electric three-wheeler was launched in Agra, while Pune received the cargo model. Further, the two cargo variants of the Maxima Cargo E-TEC have received the nod for an incentive of Rs 89,000 and Rs 1,11,505 under the FAME-II scheme.

Production for the passenger variant is expected to start from September onwards.