TVS iQube Price Rises by 22,000 - Reasons Listed Here!

The TVS decided to hike prices after reducing the FAME II subsidy amount.

TVS has decided to increase the price of the iQube in response to the reduction in the FAME II subsidy. The New FAME II subsidy rules by the government were effective from June 1, 2023.

The price increase for the TVS iQube will vary depending on the variant, with an estimated increase ranging from Rs. 17,000 to Rs. 22,000. Additionally, for customers who pre-booked the TVS iQube before May 20, 2023, TVS provides them with an additional loyalty bonus.

Subsidy Amount for TVS iQube 

Previously, the TVS iQube was eligible for a subsidy of up to Rs 51,000. Electric two-wheelers (E2Ws) will now get a subsidy at 15% of the ex-factory price limited by The Ministry of Heavy Industries. In addition, the subsidy is now increased to Rs 10,000 per kWh of battery capacity. As a result, the highest incentive available under the FAME-II plan for the iQube and iQube S can receive Rs 22,500.

TVS Motor is implementing a loyalty bonus program for customers who have booked the TVS iQube before May 20, 2023. This initiative aims to alleviate the financial burden caused by the reduction in the FAME II subsidy. Furthermore, starting from June 1, 2023, new customers can 

book the TVS iQube at the revised prices. 

Sales of TVS iQube

TVS iQube made record sales last fiscal year by selling 1,00,000 units in its range of scooters which shows that it has a large customer base. TVS iQube sales were more than 20,000 units in May 2023, and it still has a huge booking queue of more than 30,000 units.

Over the following few quarters, FAME II will be steadily reduced. TVS Motor will continue to provide exciting product alternatives and a strong value offer to drive electrification. In keeping with TVS Motors' commitment to being customer-centric, the business will offer a loyalty bonus scheme for TVS iQube customers who have made bookings till May 20, 2023. 

The offer is available for a limited time to alleviate the financial burden following the modification in the FAME II subsidy. Furthermore, new customers may take advantage of the improved rates without bearing the entire weight of the FAME II modification by reserving the scooters beginning June 1, 2023.

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