Bajaj Auto is stepping up its game with new releases and growth.

The company also claimed to have completed field testing for the electric three-wheeler and to be on track for a limited release of both the passenger and cargo variants in the near future.

After finishing FY23 with record profit margins, India's third-largest two-wheeler manufacturer, Bajaj Auto, is set to push the envelope on numerous fronts this year.

The Pune-based manufacturer of Chetak and Pulsar, which is set to make its entry in the electric three-wheeler industry soon, is also gearing up to introduce it's first small Triumph in June.

Six years after announcing the collaboration, Bajaj Auto is now ready with the first Triumph motorcycle. This new Triumph, to be manufactured by Bajaj Auto, will compete directly with the Royal Enfield series in the classic motorcycle sector.

The company also claimed to have completed field testing for the electric three-wheeler and to be on track for a limited release of both the passenger and cargo variants in the near future.

"Dispatches of electric three-wheelers are imminent; they are in production. The dispatches will begin as soon as we receive the FAME certification," said Rakesh Sharma, executive director of Bajaj Auto.

Through the arrangement, all Triumph goods will be manufactured at Bajaj's new factory in Pune's Chakan and distributed globally. Bajaj Auto will manage India and a few select global markets, while Triumph will manage others directly.

Bajaj Auto is boosting production of its model Chetak, India's only electric two-wheeler offering, following a critical restructure of its vendors who supply electric vehicle parts. This is the model's first substantial rise in output since its launch in January 2020.

The increased output has also allowed the corporation to reduce Chetak's pricing by about 13%.

When it comes to export sales, Bajaj Auto is experiencing the same drop as other top-performing companies in India. The export sales of Bajaj Auto fell 27% to 1.82 million units during FY23. Last year, total exports fell short of the domestic total of 2.1 million units.

While some of these markets, such as Nigeria, remain affected, a gradual recovery in these countries' economic conditions is likely to stimulate demand for Bajaj goods by the September quarter.

The company also noted that, while demand is not an issue in many of the nations where it sells its products, the availability of US dollars for trading is a problem since central banks are cautious.