Bajaj’s Executive Director has confirmed that the brand will launch an updated version of the Chetak 2903 in June
Quick News Highlights
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Bajaj to launch an upgraded version of the Chetak 2903 in June 2025
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It currently costs Rs 1,09,998 (ex-showroom Delhi, excluding subsidy)
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The brand also talks about China’s export restrictions on rare earth metals, causing issues with future EV production in India
Bajaj is preparing to launch an upgraded version of its most affordable, entry-level Chetak 2903 electric scooter, sometime in June 2025, confirms Bajaj Auto’s Executive Director Rakesh Sharma in the brand’s recent earnings call. This follows the launch of the Chetak 3503 in May, a slightly more premium model than the 2903, but the base-spec within the Chetak 35 series.
Bajaj Chetak 2903
The Bajaj Chetak 2903 is currently priced at Rs 1,09,998 (ex-showroom Delhi, excluding subsidy), and, according to Sharma, is among Bajaj’s best-selling EV variants. The upcoming update is expected to include improved range, maybe even changes to the chassis to bring it in line with the 35 series, with a floorboard mounted battery and a bigger underseat storage. For perspective, the 2903 has a 21-litre underseat storage whereas the 35 series has a bigger 35-litre space. Bajaj might have to keep the pricing more or less the same if it were to ensure good value for money, especially considering it is the most affordable variant in Bajaj’s Chetak lineup.
Who Will Take The EV Sales Crown?
India’s electric two-wheeler market is seeing strong growth, and Bajaj seems to be a fast-emerging leader. The company expects 20–25% growth in the EV space for FY26, as per Sharma. The Chetak series of electric scooters have already become the top-selling electric two-wheeler in Q4 FY25, overtaking main rivals like Ola and TVS. Sharma also mentioned that electric vehicles now make up 25% of Bajaj’s domestic revenue.
Rare Earth Supply Chain Woes Could Hit Growth
While the Indian EV industry is booming, it may soon face many issues due to global supply chain hurdles. Tensions between China and the U.S. have escalated over tariffs, and the biggest consequence of the trade wars is China’s restriction in exporting rare earth metals – key components in EV motors. In April 2025, China imposed export restrictions on materials like neodymium and dysprosium that are vital for electric motors and batteries. This has already started impacting global automakers, raising concerns for Indian manufacturers who rely heavily on imported components.
The U.S. has also retaliated with fresh tariffs, and violations in trade agreements have been allegedly accused by both sides. Rakesh Sharma mentioned that a certification is required declaring that the usage of those materials are for non-military purposes only, and the bureaucratic process will likely make a big impact in the production in July. He hopes the approvals are done in the coming weeks.
BikeDekho Says
Bajaj is clearly riding the electric wave with a strong product strategy, led by its updated Chetak lineup. However, the global rare earth metal disruption could become a major test for India’s EV ambitions. We hope not only Bajaj but also other electric two-wheeler manufacturers in India are able to steer through these troubled waters soon.
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