TVS’ first ever electric scooter, the iQube, has surpassed the 1,50,000-unit sales milestone in the domestic market (it was also recently launched in Nepal). As of July 22, 2023, the iQube has clocked cumulative sales of 154,263 units. Total iQube production till end-June 2023 was 147,309 units, with July 2023 output details to be announced by mid-August 2023.
Launched in January 2020, the same month that the Bajaj Chetak was also introduced, the TVS iQube has taken 43 months to achieve sales of 1,50,000 units in India. The e-scooter delivered its best fiscal performance in FY23, when it registered wholesale volumes of 96,654 units, just narrowly missing the 100,000 mark.
In the first three months of the ongoing fiscal year (FY24), TVS has recorded wholesale volumes of 38,602 units, up 342% year-on-year (April-June 2022: 8,724 units) comprising 6,227 units in April 2023, 17,913 units in May 2023 and 14,462 units in June 2023. That means from launch in January 2020 through to end-June 2023, total iQube wholesales were 147,192 units, 2,808 units shy of the 150,000 units mark.
With July now drawing to a close, TVS will soon announce its iQube wholesales for the month. But a close look at Vahan retail sales numbers reveals that 7,111 units have been sold till July 22, 2023 – ample proof that the TVS iQube has gone past the 150,000 unit mark, roughly four months since it surpassed 1,00,000 sales mark in India.
Like most electric two-wheeler OEMs, TVS has seen sales slow down from June 2023, when the FAME-2 subsidy was slashed dramatically. The iQube saw its best monthly retail performance in May 2023 (20,253 units), when buyers advanced their purchase decisions ahead of the reduced subsidy and resultant price hikes.
One of the reasons the iQube saw strong demand in FY23 was the introduction of the refreshed iQube lineup in May 2022, with improved range and features. Sales picked up speedily and the e-scooter also bagged the ‘Green Two-Wheeler of the Year’ title at the Autocar Awards 2023.
Currently available in two variants (Standard and S), the iQube is priced between Rs 1,17,000 and Rs 1,24,000 (on-road, Delhi, after FAME-2 subsidy). Prior to June 1, 2023, the iQube’s pricing was Rs 98,564 and Rs 108,690 (on-road, Delhi, after FAME-2 subsidy) for these two variants, respectively.
A top-spec ST variant was shown last year but has yet to officially go on sale. It claims a range of 140km on a single charge, nearly twice the range of 75km on the first-gen model. Since the e-scooter’s launch, TVS has gradually expanded the retail network for the iQube which is currently available in 140 cities and over 200 touch points across the nation.