TVS Motor Company is strengthening its electric vehicle (EV) presence in the Southeast Asia market through the integration of ION Mobility’s assets, intellectual property, and talent into its operations, said the Chennai-based automaker on Friday. It added that Southeast Asia represents one of the world’s fastest-growing regions for motorbike usage, offering a significant opportunity for expansion.
TVS has been a strategic investor in ION Mobility, a full-stack EV company known for its in-house capabilities across industrial and product design, mechanical and electrical engineering, embedded and power electronics, firmware, software, and supply chain solutions.
Sharad Mohan Mishra, President Group Strategy, TVS Motor Company, said, “Our ‘Reimagine 2030’ vision strongly aligned with their mission. 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 TVSM. Combined with our R&D depth, quality systems, and manufacturing scale, this partnership positions us to accelerate market penetration and grow our share across Southeast Asia.”
Earlier this week, TVS Motor (Singapore) Pte Ltd, a wholly-owned subsidiary of TVS Motor Company, divested its stake in ION Mobility. Simultaneously, TVSM Singapore acquired specific assets from ION Mobility for a net cash consideration of about $1.75 million, based on an independent valuation report.
Following this move, James Chan, Founder and CEO of ION Mobility, has joined TVS Motor Company as Senior Vice President.
He will lead TVSM’s business across ASEAN while also spearheading the development and launch of the M1-S electric mobility platform. The M1-S is already generating strong interest in ASEAN markets for its striking design, impressive range, agile acceleration, and suitability for daily commutes, the automaker said.
TVS Motor has established itself in the EV space, with nearly 600,000 customers choosing its flagship electric scooter, TVS iQube. The company has developed end-to-end in-house capabilities across EV components - battery systems, battery management, vehicle control units, and connected platforms - and holds more than 650 patents in the EV domain.