TVS to refund 20 crore to iQube electric scooter customers. Here’s why

  • The refund is essentially the cost of the chargers being given back to the customers of the TVS iQube to the tune of 20 crore.
The cost of the charger is being refunded to older customers of the TVS iQube under the FAME II policy
The cost of the charger is being refunded to older customers of the TVS iQube under the FAME II policy

TVS Motor Company has announced that it will be issuing a refund of 20 crore to customers of the TVS iQube electric scooter under a “goodwill benefit scheme." The announcement comes in the wake of the FAME II policy compliance issue that saw manufacturers working around the policy by selling the charger separately. The refund is essentially the cost of the chargers being given back to the customers.

In a statement, KN Radhakrishnan, Director and CEO - TVS Motor Company, said, “As a responsible corporate, TVS Motor has fully complied with all government regulations specified under FAME. Further towards alleviating ambiguity and ensuring a clear policy direction, TVS Motor will offer a goodwill benefit scheme for its customers who have paid over and above the threshold limit fixed by FAME. The overall cost impact to TVS Motor Company is less than 20 crores."

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Also Read : Ola, Ather, Hero and TVS to refund EV charger cost to customers

The matter first came to light after an investigation by the Ministry of Heavy Industries (MHI) found that electric two-wheeler manufacturers were charging extra for off-board chargers instead of bundling them with the purchase of the e-scooter. This led to the electric scooter’s asking price going over 1.5 lakh (ex-factory), which is more than the eligible limit to receive the FAME subsidy.

TVS iQube
The home charger on the TVS iQube costs 9,450
TVS iQube
The home charger on the TVS iQube costs 9,450

Not just TVS but other EV players including Ather Energy and Vida announced refunds, while also announcing price drops on their respective offerings. Although not officially confirmed, Ola Electric is also said to be doing the same and will refund about 130 crore.

“TVS Motor is fully committed to the government of India’s vision to promote electric mobility and fully support the government of India’s initiative to enable faster adoption of electric mobility, development of electric vehicle eco-system and in the spirit of Atmanirbhar Bharat, all the electric development has happened in-house," Radhakrishnan added.

Also Read : Vida V1 Pro and V1 Plus electric scooters prices reduced, starts at 1.20 lakh

Do note that the TVS iQube remains one of the most affordable electric scooters on sale from a mainstream player and the cost of the home charger was an additional 9,450. However, considering the total price seldom exceeded the 1.5 lakh limit on the iQube in most locations, the refund disbursement amount is the lowest among all OEM players. TVS is yet to announce an updated price for the iQube with the home charger cost factored in.

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First Published Date: 04 May 2023, 18:58 PM IST
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