TVS Motor invests in Singapore-based E2W startup ION Mobility
One of India's leading two-wheeler maker TVS Motor Company has announced its association with ION Mobility (ION), the Singapore-based startup developing smart electric motorbikes and energy storage solutions.
The company has said that it has entered into an investment agreement with an aim to provide ION the necessary ecosystem support to be successful in the E2W markets of Singapore and Indonesia.
The partnership is in line with TVS Motor Company's commitment to build an aspirational product portfolio while associating with sustainable and scalable brands. It also reiterates the company's strategy to expand its global presence, it adds.
Speaking on the occasion, 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."
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ION Mobility Founder and CEO, 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."
In 2022, ION Mobility launched its first electric motorbike Mobius in the Singapore and Indonesian markets. The brand is already operating with a long-term vision to expand across Southeast Asia, including Thailand, Vietnam, and Philippines.
It is to be noted that TVS has already launched its e-scooter 'iQube' in the Indian market. The company's international subsidiaries in the personal e-mobility space - Swiss E-Mobility Group (SEMG) and EGO Movement - have a leading position in the e-bike market in Switzerland.