Bajaj to set up a separate subsidiary for EVs

TVS is also setting up a separate vertical dedicated to EVs.

Bajaj Auto will form a separate wholly-owned subsidiary for electric vehicles. It will have a proposed authorized capital of Rs. 100 crore. The name of the new subsidiary is yet to be finalized.

The company recently notified the Bombay Stock Exchange about the decision taken by its board of directors to incorporate a wholly-owned subsidiary. It will leverage the growth opportunities in the evolving mobility space and help the company venture into the manufacturing of electric and hybrid vehicles in the 2, 3 and 4-wheeler categories.

At present, Bajaj offers the Chetak electric scooter in the Indian market. The company plans to launch electric 3-wheelers and quadricycles in 2021-22. KTM is also working on a range of electric motorcycles.

Recently, the TVS Motor Company announced an investment of Rs. 1,000 crore to set up a separate vertical dedicated to EVs.

Besides  Ather Energy, Ola Electric is also expected to pose a formidable challenge to brands like Bajaj and TVS in the electric mobility space.

Source: ET Auto