TVS Motor to refund Rs 20 crore to customers under FAME scheme.

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TVS Motor, a prominent two-wheeler manufacturer in India, recently announced a goodwill benefit scheme to refund around Rs 20 crore to customers who paid beyond the threshold limit fixed under the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) scheme. This initiative aims to promote the adoption and manufacturing of electric vehicles (EVs) in the country by providing subsidies to customers who purchase EVs that meet certain technical specifications approved by the government.

The company clarified that it had fully complied with all government regulations specified under FAME but inadvertently charged some customers over and above the threshold limit due to a technical issue. However, TVS Motor has rectified this issue and will refund the excess amount as a goodwill gesture towards affected customers. TVS Motor has been actively promoting EV adoption in India and has launched several electric two-wheelers such as iQube electric scooter and Creon electric concept scooter.

The company is also developing advanced battery technology and charging infrastructure for supporting EV ecosystem growth in India. This announcement is expected to enhance customer trust and confidence in TVS Motor’s sustainable mobility solutions commitment while setting an example for other manufacturers’ proactive approach towards resolving similar issues.