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Business News/ Auto News / TVS iQube electric gets costlier in India: Here’s how much you have to pay now

TVS Motor Company has announced a price hike of its iQube electric scooter in India. In an official statement today, the company said that the price of EV will increase in the range of 17,000 – 22,000 depending on the variant. 

The announcement comes as Centre reduced the subsidy rate offered to EV manufacturers under the FAME II scheme. The government has decided to offer only 15% of an electric two-wheeler’s price as a subsidy from June 1. The rate previously was 40%.

Ola Electric and Ather are other manufacturers that have announced price hikes of their electric scooters in the country.

“Towards propelling the electrification journey further in a sustainable manner and keeping our customer at the forefront, after FAME II revision TVS iQube‘s price increase from June 1, 2023 will be in the range of Rs. 17,000 – Rs. 22,000 depending on the variant. TVS Motor is also extending an additional loyalty benefit to its customers who have pre-booked before May 20, 2023. Specifics and further details on this will be available on our website soon," said, Manu Saxena, Senior Vice President – Electric Vehicles, TVS Motor Company.

TVS Motor has also announced that the iQube recorded a sales milestone of 1,00,000 units for its range of scooters in the last financial year. 

KN Radhakrishnan, Director and CEO, TVS Motor Company, said “iQube crossed 20,000 units of retails and continues to have a healthy booking pipeline of over 30,000 units."

He further added, “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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Updated: 01 Jun 2023, 07:07 PM IST
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