Brokerage Gives Thumbs up to Bajaj Auto Foray in e-Rickshaws

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e-rickshaws are selling almost 45,000 units each month in the country with states offering incentives as they cater to the last mile connectivity.

By S JHA

Mumbai, November 27, 2025 — Amid explosion of battery run rickshaws in the country, auto giant Bajaj Auto has decided to venture into the lucrative sector. The Bajaj Auto has unveiled two variants to tap the growing market for e-rickshaws.

With state governments adopting EV policy with incentives, e-rickshaws have mushroomed in recent years. Uttar Pradesh in a report earlier this year said that e-rickshaws led a major expansion of EV in the state.

Brokerages weighed the Bajaj Auto plan to enter the fast-growing e-rickshaw segment with the launch of its new product line, Bajaj Riki, marking a strategic extension of its dominance in the 3-wheeler market.

“The company has introduced two models – the passenger-focused Riki P4005 with a 149 km range and the cargo-oriented Riki C4005, offering the segment’s highest certified 164 km range. With this launch, Bajaj Auto aims to address key industry gaps around durability, safety, and real-world range that plague the largely unorganised e-rickshaw market,” wrote ICICI Direct in a research note on Thursday.

The brokerage firm stated that “the P4005 will be priced at ₹1.91 lakh while the C4005 will be priced at ₹2.01 lakh. The new models will be initially available in 100+ towns across UP, MP, Bihar, Chhattisgarh, and Assam.

It also reasoned that e-rickshaws are selling almost 45,000 units each month in the country. With states offering incentives and lack of employment, the youth in particular are buying e-rickshaws for livelihoods. Also, the batter-operated rickshaws are addressing the last mile connectivity needs to connect to Metro stations and bus depots.

Shares of Bajaj Auto closed at ₹9040 on Thursday with a loss of over 1%. This week the stock had seen demands among traders, as it had crossed ₹9200 after at least two months.

(This article makes no recommendation for buy or sell of shares of any company)