Since launch in January 2020, TVS Motors Company’s e-scooter has sold 93,186 units; likely to pass 100,000 units in FY2023 as demand accelerates.
One of the Indian multinational motorcycle giants TVS Motors’ iQube is on its way to success. With 15,522 units in February 2023, the electric scooter hit its highest monthly wholesale volume since its launch in January 2020. In addition, the iQube passed 10,000 units for the fourth straight month (see data table below). It shows that the demand for the product on the domestic market is continuously increasing.
The cumulative sales volume for the 38 months from January 2020 to the end of February 2023 is 93,186 units in total. Given the sales momentum, this also means iQube will cross the milestone of 100,000 sales (since launch) in the first half of March 2023.
As demand for electric scooters soars, benefiting the rest of the industry, his iQube sales from April 2022 to February 2023 increased by 805%, with 81,290 units sold. The rapid growth in revenue can be seen in the fact that quarterly (QoQ) sales are almost accelerating.
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| TVS iQUBE SALES IN FIRST 11 MONTHS OF FY23 | |
| Month | Units |
| April-22 | 1420 |
| May-22 | 2637 |
| June-22 | 4667 |
| July-22 | 6304 |
| August-22 | 4418 |
| September-22 | 4923 |
| October-22 | 8103 |
| November-22 | 10056 |
| December-22 | 11071 |
| January-23 |
12169 |
| February-23 | 15522 |
| Total | 81290 |
If the mantra of nearly double the quarterly double in the fourth quarter of fiscal 2023 works, wholesale sales from January to March 2023 should be around 58,500 units. If that happens, iQube sales will exceed 100,000 units in 2023. Currently, there is still a shortfall of 18,710 units, reaching the highest for the current financial year.
K.N. Radhakrishnan, director and CEO of TVS Motor Co., explains that is exactly what the company is aiming for. In a January 27, 2023 call to investors, he said: “Our company is confident that we will be able to sell over 100,000 electric vehicles in the domestic market this year.”
After the revamped iQube launch in May 2022, the demand for TVS iQube will grow from two-wheelers to EVs, given the high petrol price (currently Rs 106.29 per liter in Mumbai). Combined with the growing taste, it seems to have recovered.
The zero emission TVS comes in three variants (iQube, iQube S and iQube ST) with prices ranging from Rs.98,564 to Rs. also introduces the cutting-edge iQube ST variant with a range of 140km on This is almost double the 75 km range of its predecessor.
The updated iQube retains full LED lights and 12-inch wheels, but gains a host of connectivity features driven by the various TFT instrument clusters offered. The entry-level iQube comes with a 5-inch unit that supports turn-by-turn navigation, while the iQube S comes with a larger 7-inch TFT cluster for music control and theme personalization is also provided. The top ST variant has a 7-inch touchscreen instrument cluster, which is also OTA-update ready for him and offers language support as well.
Recognizing the growth potential of e-scooters, TVS also expanded iQube’s retail network, which is now available in 100 cities and 200 touchpoints. The iQube’s strong performance is reflected in TVS’ significantly improved positioning in the two-wheel EV OEM stakes. At the forefront of retail sales, according to Vahan data, TVS ranked 4th in January 2023, from 6th in fiscal 2022, to 2nd in January 2023. Up, the leader is positioned right behind Ola Electric. With 12,582 units sold in February, it maintains its lead behind Ola with 17,641 units.
The TVS iQube’s shocking sales numbers have recently been widely acknowledged. The eco-friendly scooter won him the Green Two-Wheeler of the Year title at last month’s 2023 Autocar Awards.
Watch the videos to learn more about TVS iQUBE
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