TVS iQube Electric Scooter Gets Dearer By Up To Rs 22,000 - Details

TVS has increased the price of its iQube electric scooter in response to the drop in Fame II subsidy by the government. Following FAME II revision from June 1, 2023, the price of the TVS iQube will increase by between Rs. 17,000 and Rs. 22,000, depending on the variant. Customers who pre-book before May 20, 2023, will also receive an additional loyalty bonus from TVS Motor.

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TVS iQube Price Hike

Earlier the TVS iQube was eligible for a subsidy of up to Rs 51,000. Now, the Ministry of Heavy Industries has set a limit on the subsidy for electric two-wheelers (E2Ws), capping it at 15% of the ex-factory price. Also, the subsidy has been revised to Rs 10,000 per kilowatt-hour (kWh) of battery capacity. As a result, the maximum incentive under the FAME-II scheme that the iQube and iQube S can now receive is Rs 22,500.

To lessen the financial strain following the change to the FAME II subsidy, and in keeping with TVS Motor's commitment to being customer-centric, the business will offer a loyalty bonus programme for TVS iQube customers who have made bookings through May 20, 2023. Additionally, beginning on June 1, 2023, new customers can book the iQube electric scooter at the revised prices without having to pay the full cost of the FAME II subsidy.

In the last fiscal year, TVS iQube sold a record 1,00,000 units of its range of scooters, which is evidence of a robust client base. In May 2023, TVS iQube's retail sales surpassed 20,000 units, and it still has a sizable booking pipeline of more than 30,000 units.

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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 Motors 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.

Verdict: The change in FAME II subsidy will effect the buyers as the buyers need to pay more money for new electric two-wheelers. You can join our 91Wheels Whatsapp Group for all of such latest updates from the automotive industry.