Bajaj Auto is working on a new electric brand codenamed “Urbanite” states a report from LiveMint.
In an interview with the newspaper, Rajiv Bajaj says that the new brand will cater to the niche segment and aims to do a Tesla in the electric two-wheeler space.
Mr Bajaj commented:
I have said time and again that I don’t want to be in a volume business and make another 100 cc scooter and compete in a red ocean with 10 others.
The report states that products from the new brand, including three-wheelers, will hit the market before 2020. Recently, Bajaj had partnered with Triumph to manufacture a range of affordable middleweight motorcycles. Reports suggest that the development of the bikes are underway and will be launched in three years. The timeline coincides with the Indian manufacturer's plans of entering the electric two-wheeler segment.
The reports adds that a year before the Bajaj-Triumph products hit the market, Bajaj will take over Triumph’s dealer network and will sell both luxury and mass market motorcycles. The Indian brand will expand the dealer reach to at least 400 points. The product from the partnership will rival offerings from Royal Enfield.
Bajaj’s Urbanite brand will witness competition from Hero Electric and Lohia in the country. TVS may also join the electric two-wheeler segment soon, as the company was found testing an electric scooter the previous month and acknowledged that it will have a presence in this market segment.