The growth comes at a time when the domestic 3-wheeler passenger vehicle industry saw a decline of 3 per cent in June, whereas Bajaj showed a growth of 3 per cent. Growing at 10 per cent each year, it expects sales to touch 300,000 units (both exports and domestic) by March 30, 2015, up from 226,000 units it sold during last year. Domestic sales account 45 per cent of the company's total sales.
The company showcased its new fuel efficient RE Compact passenger vehicles in Hyderabad today, as part of its pan-India launch. The two-and-four stroke RE Compact models were launched in petrol, CNG and LPG versions. It plans to launch seven variants and a diesel model a few months later. It is planning to make available all models by September-end.
"We estimate that our customers, due to the improvements made in fuel efficiency and reduction in maintenance costs, can save, and hence, increase their disposable incomes, up to Rs 20,000 per annum," said RC Maheshwari, president, commercial vehicles, Bajaj Auto.
Three-wheelers account for 20 per cent of its revenue and 25-30 per cent of the profit. Maheshwari indicated they planned to launch RE60 quadricycle during Oct-March 2014, pending issuance of draft gazette from law ministry and public response campaigns.