TVS iQube electric scooter prices revised following FAME II subsidy update.
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TVS iQube electric scooter prices revised following FAME II subsidy update.

TVS Motors announces a price increase of Rs. 17,000 - Rs. 22,000 for iQube electric scooter variants starting from June 1, 2023, as per the revised FAME II subsidy guidelines.

TVS Motors, one of India’s leading two-wheeler manufacturers, has announced the revised pricing for its popular iQube electric scooter following the recent revision in the FAME II subsidy. Effective from June 1, 2023, the price of the TVS iQube will see an increase ranging from Rs. 17,000 to Rs. 22,000, depending on the variant.

Under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme, the Indian government had been providing a subsidy of Rs 15,000 per kilowatt-hour (kWh) with a maximum cap of 40 percent of the vehicle cost. However, effective from 1st June 2023, the government has revised the subsidy policy, reducing the subsidy amount to Rs 10,000 per kWh and capping it at 15 percent of the vehicle cost.

The TVS iQube electric scooter has witnessed remarkable success in the market, with sales reaching a significant milestone of 100,000 units in the last financial year. This achievement stands as a testament to the growing community of satisfied customers who have embraced the eco-friendly and efficient nature of the iQube.

In May 2023 alone, TVS iQube recorded retail sales of over 20,000 units, further solidifying its position in the electric scooter segment. Additionally, the company reports a robust booking pipeline, with over 30,000 units in line for delivery, indicating sustained demand for the iQube.

TVS Motors has been committed to expanding the availability of its electric scooter across the country. Currently, the iQube is accessible in 140 cities throughout India, ensuring a wide customer base can experience the convenience and environmental benefits of electric mobility.

KN Radhakrishnan, Director and CEO, TVS Motor Company, said: FAME II will gradually reduce over the next few quarters. TVS Motor will continue to deliver delightful product options and great value proposition to propel the electrification and green energy penetration in two-wheelers in the country. In line with TVS Motor’s commitment of being customer centric, the company will offer a loyalty benefit programme for the customers of TVS iQube who have made bookings till May 20, 2023, for a limited period to ease the cost burden post the revision in FAME II subsidy. Additionally, new customers can also avail new prices without having to bear the full burden of FAME II revision on booking the vehicle starting June 1, 2023.

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