Following five straight sessions of advances, Bajaj Auto shares resumed their upward trajectory, setting a new record high on September 13 after rising more than 1% to Rs 11,894. The Union Cabinet's approval of the PM E-Drive initiative, which will spend Rs 10,900 crore over two years to encourage the use of electric vehicles (EVs) in India, is the reason for the positive attitude.In the last year, the market value of the firm has increased by 145%, while the BSE Sensex has increased by 21.6% within the same time frame.When compared to its competitors, Bajaj Auto did much better, driven mainly by robust growth in the domestic market. With 3.35 lakh units overall, the company's Y-o-Y growth was 18%.August 2024 saw a 16.4% YoY increase in total volumes at Bajaj Auto, with 3.97 lakh units sold. The domestic sector rose at a solid pace of 23.8 percent YoY, while exports increased by 5.4 percent YoY.In order to encourage the use of battery-powered two- and three-wheelers, ambulances, trucks, and other cutting-edge electric vehicles, the initiative gives incentives totaling Rs 3,679 crore.