Recently bought a TVS iQube?This is the refund amount you got

If you purchased a TVS iQube Electric Scooter in the past year, you’re likely eligible for a refund from TVS Motor Company.According to the recently announced goodwill benefit scheme, customers who pay above the FAME threshold will receive an average ¥1,700 per car as a refund. KN Radhakrishnan, director and CEO of TVS Motors, confirmed the development in a recent conference call with analysts.

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Sameer Fayaz Contractor

Updated on:
May 6, 2023 at 16:14 pm

TVS iQube customers who bought an electric scooter last year and paid over the FAME II threshold are eligible for a refund

TVS Motors voluntarily announced refunds earlier this week in light of issues related to FAME II compliance that came to light. The two-wheeler giant reiterated that it has fully complied with all the requirements set out in the FAME policy document and CMVR. The company said off-board chargers were billed separately due to vague policy interpretations.This makes the vehicle cost more than ¥150,000 (factory), exceeding the eligibility criteria for FAME II subsidies. TVS is contacting customers who are eligible for a refund and the process should be completed within the next two to four weeks.

Also read: TVS Refunds ¥200 million to iQube electric scooter customers.that’s why

TVS launched updated versions of iQube and iQube S in May last year, with sales rising month by month and strong demand

TVS launched the updated iQube and iQube S in May last year, with strong demand and sales climbing month by month

KN Radhakrishnan told analysts: “To improve customers’ choice of charging time, we started offering off-board chargers from 22 May when the current version of the TVS iQube was launched. We provide chargers as part of the total vehicle price. In some cities, our prices (including chargers) are within the FAME threshold. In some cities or specific models, we are slightly above the FAME threshold. Average refund Around Rs 1,700 per car.”

In Bangalore, TVS iQube retails at ex showroom price ¥The standard model is 157,000, while the iQube S is priced at ¥159,000.Both variants get subsidized ¥51,000 each, which helps reduce the total on-road cost of the vehicle to ¥112,000 (standard) and ¥120,000(S). It is unclear whether these prices will be corrected anytime soon.

Also read: EV makers including Ola, Ather to refund charger fees to customers: Report

Not only TVS, but other EV makers including Ather Energy, Ola Electric and Hero MotoCorp’s Vida will also refund charger fees to customers. Ola expects to distribute approximately ¥1.3 billion, while Ather and Vida have announced plans to do the same, without disclosing the cost implications. That said, the two players also announced price cuts for the 450X and V1 Plus and Pro, respectively. The TVS iQube remains one of the easier-to-use electric scooters in the segment.

First published date: May 6, 2023 at 16:14 PM CST

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