According to the decision of the Union Ministry of Heavy Industries, the upper limit of subsidy for electric two-wheeler FEM-II scheme has been reduced from 40% to 15% from June 1. As a result, the prices of electric two-wheelers of various companies are increasing by leaps and bounds. After Ola Electric, TVS has announced a price hike for its only electric scooter iQube. According to the domestic company, the price of the electric scooter is Rs 17,000 and Rs 22,000 depending on the variant.
The price of TVS iQube has increased drastically
The price of TVS iQube has been hiked twice in a couple of weeks. Last month, the price of each variant was increased by Rs 9,000. However, the effect of this year’s price increase is more. The reduction in subsidy to the FEM-II scheme is what has been raised. In this context, Manu Saxena, Vice President of TVS Motor Company said, “The price of TVS iQube will increase by Rs 17,000-22,000 from June 1, 2023, due to the reduction of subsidy on FEM-II.”
The price hike will currently cost the TVS iQube and iQube S Rs 1.66 lakh and Rs 1.68 lakh respectively (ex-showroom). However, TVS will give an opportunity to those customers who have booked the scooter till yesterday, at the old price. Even those who booked the e-scooter before May 20 will get additional loyalty benefits.
Incidentally, the TVS iQube is currently one of the best selling models in the electric scooter market in India. TVS has sold 1 lakh units of the scooter till April, 2023. Again in May this model is said to have sold 20,000 units.