TVS Motor Combines Singapore EV Firm ION Mobility's Key Assets With Self
The integration of ION Mobility's assets with TVS Motor's deep expertise in electric mobility "marks a major step toward unlocking new possibilities", the company said.
Two and three-wheeler manufacturer TVS Motor Co. integrated the assets of ION Mobility, a full-stack EV company based in Singapore, to strengthen its footprint in Southeast Asian electric vehicle markets, a top official said.
The Chennai-headquartered company has been a strategic investor in ION Mobility, known for its robust in-house capabilities across industrial and product design, mechanical and electrical engineering, embedded systems, and power electronics, among others.
Recently, TVS Motor announced that its wholly owned subsidiary, TVS Motor Singapore Pte., acquired select assets from ION Mobility and also divested its stake in the company.
ION Mobility Founder and Chief Executive Officer James Chan has joined TVS Motor as senior vice president to lead the company’s business across ASEAN markets. He will also spearhead the development of the M1-S electric mobility platform.
"This integration of ION Mobility’s assets, combined with TVS Motor’s deep expertise in electric mobility, marks a major step toward unlocking new possibilities in the region," TVS Motor said in a statement on Friday.
"We were an early strategic investor in ION Mobility, attracted by their focus on delivering smart, sustainable, and exciting mobility solutions for ASEAN markets. Our 'Reimagine 2030' vision is strongly aligned with their mission," said TVS Motor Company President–Group Strategy, Sharad Mohan Mishra.
"With the acquisition of ION Mobility’s assets, IP, and core team, we are thrilled to bring their entrepreneurial energy, design thinking, and engineering strength into TVS Motor. Combined with our research and development depth, quality systems, and manufacturing scale, this partnership positions us to accelerate market penetration and grow our share across Southeast Asia," Mishra added.
TVS Motor currently retails its flagship electric scooter, the TVS iQube, and has over 6 lakh customers.
The company holds more than 650 patents in the electric vehicle segment, it said.
