TVS lines up new petrol, EV models for this year

TVS has lined up new ICE and electric two-wheelers for release this year, with EVs close to being launched, the company revealed in a recent investor call. TVS will also launch its first electric three-wheeler this year. 

1. iQube line-up starts at Rs 1.37 lakh; variants with different battery capacities in the works
2. Rivals Ather, Ola and Bajaj have followed the same approach to widen the price spread
3. iQube ST is still not on sale even though TVS revealed it two years ago

TVS iQube line-up details, future possibilities

The company has also stated that it is working on iQube variants with different battery capacities. This makes sense because its rivals such as Ather, Ola and Bajaj are following the same approach to widen the price spread of their products. Following the expiration of the Fame II subsidy scheme, TVS has increased iQube’s prices substantially, making it one of the more expensive options in the market with a starting price of Rs 1.37 lakh (ex-showroom, Bengaluru). 

Therefore, TVS could launch an iQube with a smaller battery pack to lower the price. In our tests, the TVS iQube returned 107.5km in its Eco mode on a full charge and the company could be looking at offering something with a 20-30 percent reduction in the true range. 

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Ather 450X vs Ola S1 Pro vs TVS iQube S vs Bajaj Chetak EV scooter comparison

While the TVS iQube is India’s second best-selling e-scooter, both its base and S variants come with a 3.04kWh battery pack and have only a few differentiating features. TVS had promised iQube ST with a massive 5.1kWh battery when the revamped iQube line-up was launched two years ago. However, that scooter never went on sale and is unlikely to in its original form given the current environment of reducing subsidies.

The iQube is TVS’ maiden electric offering and its sales doubled to 1.94 lakh units in the financial year ended March 2024. Over 3 lakh iQubes have been sold since their launch in 2020 across a rapidly growing network that currently sits at 712 touchpoints. 

In its previous investor call in late January, TVS had mentioned that it would launch a new electric two-wheeler, but that hasn’t happened. The delay could be on account of TVS waiting for some clarity on subsidies. The Fame II subsidies ended on March 31, 2024, and the Electric Mobility Promotion Scheme, which offers fewer benefits than the former, is valid till July 31.