MUMBAI (NewsRise) -- Bajaj Auto's investment in electric cycle-sharing platform Yulu underscores the rush of conventional two-wheeler makers in India to gain a toe-hold in the growing electric-vehicle market.
Bajaj has already unveiled its first electric scooter, marking the return of its marquee brand 'Chetak.' The Pune, western India-based company, which exited the scooter market in 2006 to focus on motorcycles, is set to launch the scooter next year. Its move to back a ride-sharing business also reflects the growing pressure on automakers as the industry battles one of the worst downturns ever amid slowing sales.
