In the wake of recent FAME II subsidy revisions that are set to reshape the electric vehicle (EV) landscape, prominent electric scooter manufacturers like Ather, Ola, and TVS are strategically pivoting their focus to introduce more affordable models featuring smaller batteries.
Leading the charge, TVS has exciting plans to redesign their popular iQube electric scooter, aiming to cater to the growing demand for economical EV solutions.
Currently, two variants of the iQube scooter grace the market—the Standard iQube and the mid-spec iQube S, both equipped with a 3.04 kWh battery capacity. However, TVS is now gearing up to carve out a new and more budget-friendly variant of the iQube, projected to boast a battery capacity smaller than 3 kWh, according to a recent report by Rushlane.
TVS also announced the launch of a top-spec variant– iQube ST, which is yet to make a market debut. The iQube ST was said to feature a battery of 4.56 kWh. But since the company will need to counter the FAME II subsidy revisions, the launch of the top-of-the-line variant remains in doubt.
As per the latest update on FAME II, the subsidy per kWh has been reduced from Rs. 15,000 to Rs. 10,000. Moreover, this modification introduces a 15 percent cap on subsidies in line with their ex-showroom pricing. Previously, this was estimated to be around 40 percent. This is the reason why EV makers are turning towards introducing less expensive electric scooters.
Apart from the battery pack, TVS can also reduce the budget in the features department. The base version of the TVS iQube comes with anti-theft features and Geofencing, while also having improved navigation telematics. It has a 7-inch TFT touchscreen having the option of theme personalization, Alexa capabilities and voice assistance. As a cost-cutting measure, this TFT touch panel can be replaced by something simpler in the less expensive iQube model.
TVS iQube is currently the second-most selling model in the two-wheeler EV space. As many as 20,396 units of iQube were sold in May. But the numbers began to plunge after the FAME II subsidy revisions. In June, iQube recorded a sale of only 5,253 units, going down by 15,143 units in just one month. The Base iQube Standard is now available at a price of Rs. 1.55 lakh (ex-showroom), while the redesigned version can come at around Rs. 1.2 lakh.
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