- FAME-II subsidy revised from 1 June, 2023
- Subsidy reduced to Rs. 10,000 per kWH
- Price benefits available for a limited period
The revision to the FAME-II subsidy has affected the prices of electric vehicles in the Indian market. As reported earlier, the FAME-II subsidy is now revised to Rs. 10,000 per kWh as against the Rs. 15,000 previously, with a maximum cap of 15 per cent of the ex-factory price. This new amendment came into effect from 1 June, 2023. Notably, some manufacturers in the country are absorbing a part of this price increase to ease electric vehicle adoption.
TVS Motor Company, too, has unveiled new prices for its iQube electric scooter without passing the full burden of the FAME-II revision to customers. The company has announced that it will offer a loyalty benefit programme for the customers who have made bookings for its electric scooter until May 20, 2023, for a limited period, to ease the cost burden post the revision in the FAME-II subsidy. Additionally, new customers can also avail of new prices without having to bear the full burden of FAME-II revision on booking the vehicle starting 1 June, 2023. The specifics, however, are not available at the moment.
The Hosur-based manufacturer added in its press statement that the FAME-II subsidy revision will affect the prices of the TVS iQube, which will be in the range of Rs. 17,000 to Rs. 22,000 depending on the variant. TVS Motor Company currently offers two variants of the iQube electric scooter, standard and ST, in the Indian market. Meanwhile, it will launch the highest-spec ST variant in India very soon.
TVS iQube achieved the sales milestone of 1,00,000 units in the last financial year. In May 2023, the iQube crossed 20,000 units of retail sales and has a booking pipeline of over 30,000 units.
