Both for two-wheelers and three-wheelers, Bajaj Auto is pushing up its efforts in the electric vehicle (EV) market.

After moving passed the phases of evaluating product performance in the actual world and customer reactions, it has planned additional launches and investments.

In a post-earnings call, the senior management of the Pune-based company stated that it had set aside between Rs 400 and Rs 500 crore for investments in EVs in FY24.

The money will be used to launch a brand-new electric three-wheeler facility in Aurangabad and to create dies and moulds for the company's planned electric two-wheelers, which will be produced by Chetak Technologies, a newly established business.

After a delay of more than two years, Bajaj, which has been the market leader in the ICE or internal combustion engine-powered three-wheeler segment for several years, entered the electric three-wheeler segment in a restricted manner, with operations spread in only two cities.