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Bajaj Auto is developing the world’s first CNG-powered motorcycle and was planning to launch it next year. The CEO of the two-wheeler giant, Rajiv Bajaj, has said that the company has brought forward the launch to next quarter, CNN-News 18 reported.
In an interview with the channel, Bajaj cited that the motivation for a CNG bicycle is from the environmental point of view. He added that compared to a gasoline bike, carbon dioxide was reduced by almost 50 percent, carbon monoxide was reduced by 75 percent and non-methane hydrocarbons were reduced by 90 percent.
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Bajaj Auto CEO said CNG-powered bike is “potentially fantastic” for the environment. He was inspired by Hero Honda’s strategy of doubling the mileage or halving the cost of fuel for citizens.
However, Bajaj said users should not have high expectations as there will be only one launch this year, adding that the company is focused on getting “the basics” right.
Bajaj Auto’s total two-wheeler sales during the month rose 25% to 294,684 units, Reuters reported.
Recently, Bajaj Auto had announced that it invested additional investment $45.75 crore on e-bike sharing platform Yulu Bikes. After the fresh investment, the company’s stake in Yulu Bikes amounts to 18.8 per cent of the paid-up share capital of the electric bike-sharing platform, Bajaj Auto said in a regulatory filing.
In 2019, Bajaj Auto announced an investment of USD 8 million (around $66 crore) in Yulu to boost the adoption of electric vehicles in India.
The domestic passenger vehicle (PV) market is estimated to grow by six to nine per cent in the current fiscal year over the previous fiscal year, according to rating firm ICRA.
In absolute terms, the PV industry will register a sales figure of 4.2 million units in the current fiscal year, PTI cited ICRA data.