TVS Motor cuts price of iQube Electric scooter by Rs 11,250

New Delhi: TVS Motor Company on Tuesday said it has reduced the price of iQube Electric scooter by Rs 11,250 in line with revision in subsidy under the FAME II Scheme.

The electric scooter is now priced at Rs 1,00,777 in Delhi from Rs 1,12,027 earlier.

The new pricing is in line with the recently announced revision in subsidy under the FAME II scheme by the government, TVS Motor Company said in a statement.

The improved incentives would increase the penetration of electric two-wheelers in the country, it added.

Last week, the government made a partial modification of the scheme for Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II), including increasing the demand incentive for electric two-wheelers to Rs 15,000 per KWh from the earlier uniform subsidy of Rs 10,000 per KWh for all EVs, including plug-in hybrids and strong hybrids except buses.

In the latest modification, the department of heavy industries also capped incentives for electric two-wheelers at 40 per cent of the cost of vehicles, up from 20 per cent earlier.