TVS Motor Company, one of the leading manufacturers of two-wheelers and three-wheelers in the world, announced its association with ION Mobility, a tech and automotive OEM start-up which is based in Singapore.
On the 2nd February 2023, TVS declared that it has entered into an investment agreement to provide ION the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia. The investment will enable TVS to drive-up the premium electric ecosystem in South-east Asia. TVS Motor Company said in a regulatory filing that the deal is expected to be completed in 30 days.
The partnership is in line with TVS Motor Company’s commitment to build an aspirational product portfolio while associating with sustainable and scalable brands, thus reiterating the company’s strategy to expand its global presence.
Official Statement
Speaking on the occasion, Mr. Sudarshan Venu, Managing Director, TVS Motor Company said, “TVS Motor is committed to developing exciting products for consumers across global markets. We are thrilled to partner with ION Mobility, a full-stack EV company with a strong team of engineers and technical base in Singapore, to drive the premium electric two-wheeler growth in the region. We share a common vision and are eager to support them as a strategic investor.”
ION Mobility Founder and CEO, Mr. James Chan said, “I am delighted with the vote of confidence that my team and I have received from TVS Motor via the funding round and partnership. We are excited to draw upon TVS Motor’s decades of global expertise in two-wheelers to accelerate our “Mobius” M1-S production readiness, as well as the design and development of other models. We look forward to leading the charge towards an electric & sustainable two-wheeler future together.”