The prices of the TVS iQube electric scooter has been reduced courtesy of the revised FAME II subsidy
TVS Motor Company has revealed the official prices of the iQube electric scooter following the revision made under the updated FAME II regulations. The FAME II (Faster Adoption and Manufacturing of Electric Vehicles in India) revision has led to the prices of the zero-emission two-wheelers getting lower by a significant margin.
The homegrown manufacturer believes that the improved incentives will increase the penetration of electric two-wheelers in India and we will have to wait and see how that really pans out. The iQube electric scooter was priced at Rs. 1,12,027 in New Delhi and following the price revision, it now carries a sticker tag of Rs. 1,00,777.
In Bengaluru, the electric scooter cost Rs. 1,21,756 previously and now it is priced at Rs. 1,10,506. The main reason for the TVS iQube being less expensive in New Delhi is due to the measures taken by the ruling government to encourage more EVs on road under a subsidy, as the pollution issues in the capital are already well documented.
The latest FAME II amendment has increased the subsidy on electric two-wheelers by 50 per cent to Rs. 15,000 per kWh. The TVS iQube competes primarily against Bajaj Chetak and Ather 450X in the Indian market. While the former has not received FAME II approval yet, the latter’s prices have gone down by Rs. 14,500.
Only recently, TVS expanded the iQube’s reach to New Delhi as it was only available in Bengaluru at the time of the launch and its footprint will further be expanded into a number of other cities by March 2022. The brand has also signed a Memorandum of Understanding with Convergence Energy Services to establish a public charging infrastructure across India.
With a price reduction of Rs. 11,250, the TVS iQube is expected to gain better traction amongst customers considering the absurd increase in fuel prices. Ather Energy is also widening its wing by setting up new showrooms and the competition will only get fierce in the coming years with more manufacturers waiting to come aboard the eco-friendly segment in India.