Companies

TVS Motor cuts electric scooter prices in Bengaluru, Delhi

Our Bureau Chennai | Updated on June 15, 2021

Move follows revision in subsidy under FAME II Scheme by govt

Leading two and three-wheeler maker TVS Motor Company has announced a price cut for its electric scooter, TVS iQube Electric.

In Bengaluru, iQube will be priced at ₹100,777, down from the earlier price of ₹112,027, while in Delhi, the electric scooter’s price will be reduced to ₹110,506 from ₹121,756 earlier, according to a statement.

The company said the new pricing is in line with the recently announced revision in subsidy under FAME II Scheme by the government, which had increased the subsidy by 50 per cent per KWh.

“The improved incentives for electric two-wheelers will increase penetration and encourage further indigenous investments in future technology,” Sudarshan Venu, Joint Managing Director, TVS Motor Company, had said.

Industry representatives pointed out that the increase in subsidy under FAME II will usher in a new era of electric mobility in the country as it will make buying of electric two wheelers more attractive at a time petrol prices have touched ₹100 per litre.

“Increase in FAME subsidy on two wheelers, direct fiscal incentives to advanced chemistry cell, auto vehicles and auto components manufacturing by way of introduction of PLI scheme is likely to bring down the cost of electric vehicles. The said reduction in cost may help in faster adoption of EVs in the country,” said Saurabh Agarwal, Tax Partner, Automotive sector, EY India.

Published on June 15, 2021

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