TVS Motor to Boost EV Push in Southeast Asia with ION Mobility Deal

TVS Motor Company (TVSM), a prominent manufacturer of two and three-wheelers, has revealed its plan to incorporate Singapore-based ION Mobility’s assets, intellectual property, and essential talent into its operations as a strategic effort to enhance its electric vehicle (EV) presence in South-East Asia.

The area, recognized for its thriving motorbike industry, offers a substantial chance for expansion in the EV field, the firm indicated in a statement.

TVS Motor was previously a strategic investor in ION Mobility, a comprehensive EV company involved in industrial design, mechanical and electrical engineering, software, and supply chain solutions.

“By integrating ION Mobility’s assets, IP, and team into TVSM, we are leveraging their entrepreneurial spirit and engineering excellence with our R&D expertise and manufacturing scale. This positions us for deeper market penetration and stronger growth in South-East Asia,” said Sharad Mohan Mishra, President of Group Strategy at TVS Motor Company.

TVS Motor Company’s fully owned subsidiary, TVS Motor (Singapore) Pte Ltd, finalized the purchase of specific assets from ION Mobility while selling its earlier equity in the firm. After this transition, James Chan, Founder and CEO of ION Mobility, has taken on the role of Senior Vice President at TVS Motor Company.

Chan will head TVSM's ASEAN operations and manage the creation and introduction of the M1-S electric mobility platform. The M1-S has reportedly sparked considerable interest in markets across ASEAN, according to the statement.