TVS Motor Company, Ather Energy, Ola Electric, and other electric two-wheeler manufacturers have hiked the prices of their vehicles after the government decreased the subsidy from June 1.
KN Radhakrishnan, Director and CEO, of TVS Motor Company, said, “TVS Motor is spearheading the EV transformation narrative in the country. Backed by this electrification journey, TVS iQube recorded a sales milestone of 1,00,000 units for its range of scooters in the last financial year, which is a testament to its strong community of happy customers. In May 2023, TVS iQube crossed 20,000 units of retail and continues to have a healthy booking pipeline of over 30,000 units.”
He further added, “FAME II will gradually reduce over the next few quarters. TVS Motor will continue to deliver delightful product options and great value propositions to propel the electrification and green energy penetration in two-wheelers in the country. In line with TVS Motor’s commitment to being customer-centric, the company will offer a loyalty benefits programme for the customers of TVS iQube who have made bookings till May 20, 2023, for a limited period to ease the cost burden post the revision in FAME II subsidy. Additionally, new customers can also avail new prices without having to bear the full burden of FAME II revision on booking the vehicle starting June 1, 2023.”
“Towards propelling the electrification journey further in a sustainable manner and keeping our customer at the forefront, after FAME II revision TVS iQube‘s price increase from June 1, 2023, will be in the range of Rs. 17,000 – Rs. 22,000 depending on the variant. TVS Motor is also extending an additional loyalty benefit to its customers who have pre-booked before May 20, 2023. Specifics and further details on this will be available on our website soon,” said, Manu Saxena, Senior Vice President – Electric Vehicles, TVS Motor Company.
While Ather Energy has revised its prices of 450X at Rs 1,45,000 (ex-showroom Bengaluru) and increased the price of 450X with Pro Pack with Rs 8,000 and it now starts at Rs 1,65,435 in Bengaluru.
“The FAME II revision has resulted in a subsidy reduction of around Rs 32,000. However, the company is absorbing a huge chunk of this price impact for its customers with a view to quickening EV adoption in the country,” said Ather Energy Chief Business Officer Ravneet S Phokela.
The electric scooter of Ola Electric S1 Pro is now priced at Rs 1,39,999, S1 (3KWh) at Rs 1,29,999; and S1 Air (3KWh) at Rs 1,09,999. The scooters are not approximately Rs 15,000 more costly.
Ola Electric Founder and CEO Bhavish Aggarwal said, “With an unyielding dedication to customer satisfaction, we have marginally increased our product prices starting June, despite a significant reduction in government subsidies, making Ola S1 the best EV proposition in India.”
Hero Electric did not increase its prices. “Despite the extreme financial crunch forced upon us due to subsidies stuck with the Ministry of Heavy Industries for over 15 months, we will continue to do our bit in offering affordable mobility solutions to discerning customers by holding on to our current prices till we can,” said Hero Electric CEO Sohinder Gill.
