Why Electric Vehicles Are a Value-for-Money Choice

The future of Electric Vehicles (EVs) has never looked better! The soaring petrol and diesel prices in India and increasing customer preference for sustainable solutions have amplified the buzz around e-mobility. The best part? You get your money’s worth too.

It, therefore, becomes crucial for buyers to view the purchase of an electric vehicle from the standpoint of Total Cost of Ownership or TCO which helps in estimating the duration for recovering the cost.

Notwithstanding the initial high price, EVs have emerged as one of the most effective means to address the energy and environment crisis the world over. A World Bank report of November 2022 made an emphatic case for the wider adoption of electric vehicles in developing countries by listing advantages ranging from improved public health, less urban traffic congestion, and decreased dependence on expensive imported fossil fuels.

People, too, are skewed in favour of electrical transformation. According to projections from Bain & Company, sales of EVs in India are expected to rise between 40 per cent and 45 per cent by 2030, leading to 13 million new vehicles to be sold annually.

As the Indian population continues to embrace electric mobility, electric two-wheelers are likely to play a crucial role in driving the country's transition towards a cleaner and greener transportation future. Let’s take a look at the reasons why electric two-wheelers continue to remain India’s sweetheart.

Attractive TCO for electric two-wheelers
As per a recent McKinsey & Company report, the total cost of ownership is likely to be more attractive for electric two and three-wheelers (E2Ws, E3Ws) than for passenger or heavy commercial vehicles (PVs and HCVs). The report predicted the sales of new E2Ws and E3Ws could grow to 50 per cent and 70 per cent, respectively, by 2030.

Keeping up with Indian affinity for two-wheelers in a sustainable way, TVS Motor, one of the largest manufacturers of two-wheelers in India, has launched the iQube electric scooter. These electric rides are equipped with a 4.4 kW electric motor that can touch a top speed of 78 km/h and a range of up to 100 km on a single charge. TVS iQube has emerged as the leader of the electrical revolution in India with its groundbreaking technology and features. Check out the features of sleek and stylish TVS iQube here.

Cost of running
When it comes to economical solutions for everyday commuting, EVs have truly emerged as a game-changer. The shift towards EVs is driven not only by their environmental benefits but also by their impressive cost-effectiveness. The TVS iQube stands as a remarkably cost-effective solution for daily commuting. With an impressively low average cost of just ₹0.2 per kilometer*, this scooter offers an affordable alternative. Imagine spending a mere ₹3 for a daily commute! What’s even more fascinating is that with the new Festive Offers including Extended Warranty, No Cost EMI and Cashback of up to ₹7500, you can save up to ₹10,000 on the TVS iQube! In addition, with zero emissions and minimal noise pollution, you can take satisfaction in reducing your carbon footprint while enjoying a comfortable and convenient ride. (*It only takes 2.5kWh to charge a scooter battery to full capacity, which equates to around 2.5 units of energy at ₹8 per unit: you'd be looking at a total of ₹20* for that charge, which should last you 100 kilometers). Here’s another crazy fact we unearthed. Did you know that riding the TVS iQube for a whole year is equivalent to planting 37 trees! This is an eco-warrior through and through.

Riding for Free
Electric vehicles (EVs) have revolutionized everyday commuting with their economical solutions. But how economical is it if instead of buying it outright, you decide to get a loan for it? Does it still make financial sense? Well, we did a small experiment to figure that out for you. Take the TVS iQube for example whose on-road price in Delhi is ₹1,17,422. Suppose you pay 15% upfront ( ₹18,566) and take a loan for the remaining ₹1,05,210. With the Festive No Cost EMI offers, your EMI comes up to ₹3155. However, if you ride your TVS iQube for more than 60 kms every day, you save close to ₹3155 on fuel costs when compared to petrol scooters. If we’ve done the math right, that means you can effectively bring the monthly EMI cost down to ₹0. If that’s not economical, we don’t know what is.

Featuristic electric experience
The feature-rich and futuristic electric scooters come with the latest technology helping elevate the riding experience manyfold. These scooters can be connected to smartphones via Bluetooth or mobile apps. As technology continues to advance, electric scooters are likely to incorporate even more exciting features to enhance the riding experience. EVs such as TVS iQube come with tech features such as Live Vehicle Tracking, Geo-Fencing, Navigation assistance, Distance to Empty, and vehicle crash and fall alert, to name a few, offering riders a truly ‘featuristic’ riding experience.

Great performance, fun redefined
Driving on Indian roads can often feel challenging, but why not make the most of it and have some fun along the way? Electric scooters are often viewed from the point of view of easy maneuverability, range, and top speed. Electric scooters like TVS iQube not only offer a top speed of 78 kmph, a range of 100 km on a full charge, and a noiseless ride but also instant torque of 33 Nm adding the fun element to the performance. With electric scooters like the TVS iQube, let the road become your playground and embrace the fun and excitement that electric scooters bring to the riding experience.

Stylise to your ride
Besides all the other advantages that electric two-wheelers have, they are also incredibly aesthetically pleasing. Without the need for a traditional internal combustion engine, electric two-wheelers can have sleek, streamlined designs. The bold colours, unique patterns, and easy maneuverability provide TVS iQube truly a contemporary design and execution.

Superb Efficiency, More Savings
When it comes to charging these modern electric vehicles, a wide range of solutions are available to cater to different needs. These solutions include home charging, portable charging, and public charging infrastructure. Fortunately, many electric scooters now have a charging cable for added convenience. In particular, the TVS iQube boasts a nifty and portable charging cable that can be used at any 15A charging point without requiring additional installations, making it chargeable practically anywhere.

Robust government policies, increased financing options
Apart from the government's successful FAME and FAME II schemes, the 80EEB section of the Income Tax Act has been specially curated for electric vehicle owners who avail of vehicle loans for their purchases. This section allows an individual taxpayer to claim a deduction of up to INR 1.5 lakh on the interest component of the vehicle loan taken to purchase the EV. These benefits, though, are available only for individual taxpayers, not companies or businesses.

The government has also listed several banks from which the buyers can avail of loans, tax benefits, and other incentives. Thus, owning an EV is laden with benefits right from its purchase to its lifetime use.

Redefining green mobility
Dazzling the Indian market of electric two-wheelers since 2020 is the TVS iQube with striking features in this category. Backing up its huge success, a new 2022 version has hit the Indian market and is redefining reach and mobility in green and sustainable ways.

Trusted by more than 2 lakh families, the all-new range of TVS iQube includes the standard TVS iQube, TVS iQube S, and TVS iQube ST. Since its launch in May 2022, the new TVS iQube has already sold more than 1,50,000units and straightaway dominated the market with its new and improved model. Book your TVS iQube today andget the best in class warranty of 5 years/70000 km!

Conclusion
The future belongs to electric vehicles. They are efficient and cost-effective, and are here for a lo ng stride. Their popularity is sweeping the Indian landscape and putting the domestic automobile industry on the cusp of a transformative change. With visionary stakeholders and a fleet of two-wheelers, covering more than 70 percent of miles, decarbonising road transport in India is well on its way!

Disclaimer:This article has been produced on behalf of the brand by HT Brand Studio.