TVS Motor Co’s first electric two-wheeler, the iQube scooter, has surpassed the 200,000-unit sales in the domestic market. The latest milestone comes 45 months after the zero-emission EV was launched in January 2020. With this, TVS Motor Co becomes India’s first legacy player to record the 200,000 EV sales milestone in the domestic market.
From January 2020 through to end-September 2023, the iQube has clocked cumulative sales of 204,701 units (see sales data table below). Total iQube production till end-September 2023 was 190,335 units, with September 2023 factory output details to be announced by mid-October 2023.
While the first 100,000-unit sales took a little over 3 years, the run from 100,000 to 200,000 has been achieved in far less time – just 10 months, which speaks for the rising demand for the TVS iQube and also the growing consumer shift towards electric mobility in the country.
The rapid pace of sales can be seen in the fact that the first six months of FY2024 have seen 96,151 iQubes being wholesaled – this is already 99% of entire FY2023’s sales of 96,654 units.
Launched in January 2020, demand has accelerated for the TVS iQube; 96,151 units have been sold in the first six months of FY2024.
Like most electric two-wheeler OEMs, TVS Motor Co saw wholesales slow down a bit in June 2023 (14,462 units), when the slashed 40%-to15% FAME II subsidy kicked in, and in July (13,306 units). But a maturing EV market and consumers keen on benefiting from the wallet-friendly ownership of a e-scooter has seen TVS pump up the volumes in August 2023 (23,887 units and September 2023 (20,356 units), the first time that wholesales have crossed the 20,000-unit mark.
Clearly, TVS is keeping its showrooms across India well-stocked in time for the festive season, what with Navratri in the second half of October and Diwali in November.
The top-spec iQube ST variant has a range of 140km on a single charge.
REFRESHED MODEL DELIVERS NEW SALES POWER
One of the reasons the iQube saw strong demand in FY2023 was the market introduction of the refreshed iQube, with improved range and features, in May 2022. Sales picked up speedily and the eco-friendly scooter also bagged the ‘Green Two-Wheeler of the Year’ title at the Autocar Awards 2023.
Available in three variants (iQube, iQube S and iQube ST), the zero-emission TVS is priced between Rs 117,000 and Rs 124,000 (on-road Delhi) including the now-reduced FAME II subsidy (from 40% to 15%) and other state subsidies, for the iQube and iQube S respectively. Prior to June 1, 2023, the iQube’s pricing was Rs 98,564 and Rs 108,690 (on-road Delhi) for these two variants, respectively.
The top-spec iQube ST variant has a range of 140km on a single charge, nearly twice the range of 75km on the first-gen model. The refreshed iQube retains its all-LED lights and 12-inch wheels but gets a host of connectivity features, driven by the various TFT instrument clusters on offer. While the entry-level iQube gets a 5-inch unit that supports turn-by-turn navigation, the iQube S comes equipped with a larger 7-inch TFT cluster that offers music controls and theme personalisation as well. The top-end ST variant features a 7-inch touchscreen instrument cluster, which is also ready for OTA updates, and also offers voice assistance.
Since the e-scooter’s launch, TVS has gradually expanded the retail network for the iQube which is currently available in over 140 cities and around 310 touchpoints across India. In an effort to further grow its reach, TVS Motor Co plans to expand the iQube showroom network to almost 600 touchpoints by end of this year.
Meanwhile, the company continues to improve on the ease of charging quotient for iQube owners, who currently have access to over 2,000 charging points with various charging partners through the TVS iQube mobile app.
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