TVS iQube sells over 15,000 units for second consecutive month, sales cross 100,000 units

With TVS Motor Co announcing its sales numbers for March 2023 and FY2023 yesterday, what also comes to the fore is that the iQube electric scooter has recorded over 15,000-unit wholesales for the second month in a row in March 2023.

What’s more, the 15,364 units, coming on the back of February 2023’s 15,522 units, have helped drive cumulative sales of the iQube, launched in January 2020, across the 100,000-units milestone to a total of 108,550 units. This was accurately forecast a month ago by Autocar Professional.

The iQube, TVS’s sole electric vehicle, has been on a roll in FY2023 which saw total sales of 96,654 units and accounts for 89% of total iQube sales in the domestic market till end-March 2023. The company had earlier outlined a target of achieving sales of 100,000 units in FY2023 but has narrowly missed it by just 3,346 units.

TVS iQube sales have grown rapidly quarter on quarter in FY2023.

Refreshed iQube helps sales accelerate 

Along with growing two-wheeler customer preference for EVs in the face of high petrol costs – currently Rs 106.2935 a litre in Mumbai – the acceleration in demand for the TVS iQube seems to have come after the rollout of the refreshed iQube in May 2022.

The pace of demand for the iQube built up rapidly through the past 12 months, with sales nearly doubling in the first three quarters of FY2023. From Q1 April-June 2022’s 8,724 units to 15,645 units (up 79% QoQ) in Q2 July-September 2022, to 29,230 units (up 87% QoQ) in Q2 October-December 2022 and 43,055 units (up 47% QoQ), the iQube has a strong FY2023.

The iQube market performance is reflected in its ranking in the electric two-wheeler OEM rankings. On the retail sales front, as per Vahan data, in FY2023, the iQube was bought by 80,565 owners to take sixth place in the Top 20 manufacturers out of the 117 OEMs in the fray.

Available in three variants (iQube, iQube S and iQube ST), the zero-emission TVS is priced between Rs 98,564 and Rs 108,690 (on-road Delhi) including the FAME and other state subsidies, for the entry-level iQube and iQube S trims, respectively. TVS Motor has also introduced a top-spec iQube ST variant with a range of 140km on a single charge. This is nearly twice the range of 75km on the earlier model.

The refreshed iQube retains its all-LED lights and 12-inch wheels but gets a host of connectivity features, driven by the various TFT instrument clusters on offer. While the entry-level iQube gets a 5-inch unit that supports turn-by-turn navigation, the iQube S comes equipped with a larger 7-inch TFT cluster that offers music controls and theme personalisation as well. The top-end ST variant features a 7-inch touchscreen instrument cluster, which is also ready for OTA updates, and also offers voice assistance.

Recognising the e-scooter's growth potential, TVS has also expanded the retail network for the iQube which is currently available in 100 cities and across 200 touchpoints.

Ample recognition of the TVS iQube’s market positioning and consumer acceptance came early in the year when the eco-friendly scooter won the ‘Green Two-Wheeler of the Year’ title at the Autocar Awards 2023.

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