TVS’ first electric scooter, the iQube, has achieved a significant milestone by surpassing 1,50,000 units in sales in the Indian market. The scooter was also recently introduced in Nepal. As of July 22, 2023, the iQube’s cumulative sales have reached 154,263 units. It took the iQube 43 months to achieve this sales figure in India, having been launched in January 2020, around the same time as the Bajaj Chetak.
The iQube performed exceptionally well in the fiscal year FY23, with wholesale volumes reaching 96,654 units, coming close to the 100,000 mark. In the first three months of the current fiscal year FY24 (April to June 2023), TVS recorded wholesale volumes of 38,602 units, a remarkable 342% increase compared to the same period in the previous year. The iQube’s retail sales have also been strong, with 7,111 units sold until July 22, 2023, indicating that it has surpassed the 150,000-unit sales milestone in just four months since crossing the 100,000 mark.
The scooter is available in two variants – Standard and S – priced between Rs 1,17,000 and Rs 1,24,000 (on-road, Delhi, after FAME-2 subsidy). Before June 1, 2023, the pricing for these variants was lower, starting at Rs 98,564. There is also a top-spec ST variant with an impressive range of 140km on a single charge, which is yet to be officially launched.
The decrease in sales in June 2023 was observed across many electric two-wheeler manufacturers due to a significant reduction in the FAME-2 subsidy. The iQube experienced its best monthly retail performance in May 2023, with 20,253 units sold as buyers rushed to make their purchases before the subsidy reduction. TVS has been expanding the retail network for the iQube, and it is now available in 140 cities and over 200 touch points throughout India.
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