Bajaj Auto, the leading two-wheeler and three-wheeler manufacturer, is not just speeding ahead in India but also making waves in Egypt.
The company recently revealed that the Egyptian government has given the green light for quadricycles to be used in public transportation.
This move opens up a new avenue for Bajaj, which plans to kickstart exports of its Qute model to Egypt as early as this month, as reported by Money Control.
Excited about this development, Bajaj Auto management expressed their optimism during a conference call after announcing their latest results. They highlighted the vast potential of this new segment and their commitment to its growth.
With half a million three-wheelers already dominating the streets of Egypt, Bajaj has a solid foothold in the market. Despite challenges such as the current currency situation in Egypt, which may limit production, the company remains determined. They are set to export around 250 units initially, showcasing their confidence in the Egyptian market.
However, not everything is smooth sailing for Bajaj. The recent decline of the Egyptian pound against the dollar, coupled with economic measures taken by the Central Bank of Egypt, poses some hurdles. These measures aim to tackle inflation and attract foreign investment, but they also impact currency availability.
Shifting gears to the electric vehicle (EV) front, Bajaj admitted that profitability remains a distant goal, even with government incentives like the Production Linked Incentive Scheme (PLI).
Dinesh Thapar, Chief Financial Officer of Bajaj Auto, emphasized during the conference call that achieving unit-level profitability for electric two-wheelers is still a challenge.
Despite the bumps in the road, Bajaj Auto remains steadfast in its global expansion efforts, with the Egyptian market emerging as a promising destination for its innovative vehicles.
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