TVS has recently increased the prices of its iQube electric scooter range following the end of the FAME 2 subsidy in March 2024. Despite the introduction of the new EMPS 2024 subsidy, the scooter's cost has risen because the EMPS subsidy is not as substantial as the FAME 2 subsidy. However, TVS has absorbed a portion of the price increase, resulting in a nominal price hike for the e-scooter.
Price Revision Details
Here is a detailed comparison of the old and new prices for the TVS iQube electric scooter models:
iQube Electric ST
- Old Price: Rs 1,55,553 (ex-showroom price without FAME 2 subsidy)
- New Price: Rs 1,36,628 (ex-showroom Bengaluru including EMPS subsidy)
- Price Increase: Rs 2,206
- Details: The iQube Electric ST has seen a small price increase, now available at the new price of Rs 1,36,628.
iQube Electric S
- Old Price: Rs 1,62,090 (ex-showroom price without FAME 2 subsidy)
- New Price: Rs 1,46,420 (ex-showroom Bengaluru including EMPS subsidy)
- Price Increase: Rs 6,395
- Details: The iQube Electric S variant has also experienced a small price hike, now priced at Rs 1,46,420.
Despite the price increases, TVS has managed to keep the price hikes relatively modest, making the iQube electric scooter an attractive option in the market.
Impact of Subsidy Changes
The discontinuation of the FAME 2 subsidy and the introduction of the EMPS 2024 subsidy have impacted the pricing of the TVS iQube electric scooter. While the EMPS subsidy provides some relief, it is not as substantial as the previous FAME 2 subsidy, leading to an overall increase in the scooter's cost. Despite this, TVS has absorbed a portion of the price increase, ensuring that the price hike for customers remains relatively moderate.
Competitive Landscape
The TVS iQube electric scooter competes in the premium electric scooter segment against rivals such as the Ather 450X, Hero Vida V1 range, Ola S1 Pro, Bajaj Chetak, and the upcoming Ather Rizta. Despite the price hike the iQube remains a competitive option in the market offering a balance of features, performance, and value for money.
The recent price hike for the TVS iQube electric scooter is a result of the subsidy changes in the electric mobility sector. While the cost has increased, TVS has managed to keep the price hike relatively modest by absorbing a portion of the increase. All things considered, the iQube is still a formidable competitor in the high-end electric scooter market providing users with an appealing mix of features, price, and performance.