TVS Motor Company invests in ION Mobility: Stepping up electrification efforts and leading the charge e2W charge in SE Asia
TVS Motor Company has invested in ION Mobility to support its commitment to electrification in the automobile industry. The investment will help ION succeed in premium e2Ws. Ion operates in Singapore, Indonesia and China. TVS is committed to expand its global presence by building an aspirational product portfolio by partnering with sustainable and scalable brands.
TVS comes aboard as a strategic investor in Ion Mobility. And will be providing support and contributing to its future growth and development. The agreement between both companies is expected to bring significant benefits to both parties.
TVS Motor is leveraging its experience and expertise in the automotive industry to support Ion Mobility’s growth in the e-mobility space. The investment reflects TVS Motor’s drive to promote sustainable mobility solutions, and its belief in the future potential of EVS. TVS iQube electric scooter sales in India was reported at remarkable growth in recent months.
Investment agreement between TVS Motor Company and ION Mobility
TVS Motor (Singapore) Pte. Ltd., a wholly-owned subsidiary of TVS Motor Company Limited, has entered into an investment agreement with Ion Mobility. The company will subscribe to 3,144,198 Series AA Shares of Ion Mobility, with an aggregate investment of US$9,500,000.
The investment is expected to be completed within 30 days of the date of the agreement. Paid up share capital of TVS Motor (Singapore) Pte. Ltd. is S$400,000 comprising 5,150,000 Ordinary Shares, and US$6,779,468.77 comprising 2,877,328 preference shares. ION Mobility’s consolidated turnover for the fiscal years 2019-2020, 2020-2021, and 2021-2022 are NIL, USD 3,017, and NIL respectively. It was incorporated in 2019.
ION Mobility as a full-stack EV company – Ion Mobius M1-S scooter
Home to 200+ million gasoline-powered motorcycles, Southeast Asia sees over 80 percent of households in Indonesia, Malaysia, Thailand, and Vietnam own one. This negatively impacts urban air quality and the environment. On the face of it, electric bikes seem a more attractive option.
ION Mobility set out to provide an alternative and made strides with ION Mobius. Aiming to steer the transition from gasoline to electric in the region, ION Mobility is keen on team expansion and increasing ops. TVS Motor’s strategic investment will help focus on production readiness of the flagship, Ion Mobius M1-S, and encourage design and development of other models. This investment brings together TVS Motor’s expertise in mass production and Ion Mobility’s innovative EV technology.
Premium electric two-wheeler growth in the region
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.”