After Matter and Ola, TVS has announced a price hike for its e-scooter iQube. This decision is due to the slashing of FAME-II subsidies for electric two wheelers. TVS has officially announced that the prices of the TVS iQube electric scooter will be raised significantly starting from June 1, 2023.
The price hike is expected to range between Rs 17,000 and Rs 22,000, depending on the specific variant of the scooter. However, TVS still needs to provide information regarding the exact hike for each of the two iQube variants on sale.
Earlier, the iQube received a FAME-II subsidy of Rs 51,000. However, due to the revision in the subsidy policy, the maximum incentive available for the iQube and iQube S models now is Rs 22,500.
The difference is around Rs 28,500, leaving TVS with only one option to hike the existing price. But TVS announced they would provide price protection for all iQube bookings made until May 20, 2023.
From June 1, the Ministry of Heavy Industries will reduce the subsidy available on electric two wheelers to Rs 10,000 per kWh of battery capacity, compared to the Rs 15,000 per kWh offered until now.
Also, the total subsidy available for electric two wheelers is now capped at 15 per cent of the ex-factory price, with a maximum limit of Rs 1.50 lakh. Earlier, the policy allowed a subsidy of up to 40% of the ex-factory price.
And with the pressure from the government to include the charger, TVS added the cost of the 650W charger and increased the price of iCube to Rs 1.65 lakh (ex-showroom, excluding FAME-II subsidy)
With the recent price hike, the iQube S, the top variant in the iQube range( since they officially closed bookings of iQube ST), will surpass the on-road price of Rs 1.60 lakh. Similarly, the base model is expected to be over Rs 1.50 lakh on-road.
Thoughts About TVS Hiking The Prices Of iQube
People have become used to the news of increasing prices of e-scooters in India. Slashing of the FAME-II subsidy will affect the potential buyers financially. All we can do is wait and see how this will affect the sales of these scooters.
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