TVS Acquires ION Mobility to Tap into Southeast Asian EV Market

KatadataOTO – TVS Motor Company (TVSM) is looking to expand its business in the two-wheeled automotive industry. Recently, they announced the acquisition of ION Mobility.

TVSM's move to integrate ION Mobility's assets, intellectual property, and talent is to strengthen its position in the electric vehicle (EV) market in Southeast Asia.

The Southeast Asian region itself is claimed to be the area with the fastest-growing number of motorcycle users in the world.

Therefore, the expansion undertaken by TVS towards the Singaporean motorcycle brand is considered appropriate.

Photo : KatadataOTO

ION Mobility is said to be a company that is strong in various internal fields. Ranging from product design, industrial, mechanical engineering, electrical engineering, embedded electronics, power electronics, firmware, software, and supply chain solutions.

“We were an early strategic investor in ION Mobility. Our vision is aligned with their mission, and through the acquisition of assets, IP, and the core team, we are very pleased to bring these strengths into TVSM,” said Sharad Mohan Mishra, President Group Strategy, TVS Motor Company in a press release quoted on Wednesday (21/05).

It was further stated that the strengths of each company could accelerate market penetration. This could then increase their market share throughout Southeast Asia.

TVS itself has become a significant EV player globally. Nearly 600,000 units of the iQube electric scooter have been successfully sold.

They also stated they are developing all EV components, from battery systems, battery management, and vehicle control units to a connected platform.

TVSM is claimed to have more than 650 patents in the electric vehicle field.

Following TVS Motor Company's acquisition of ION Mobility, its team was also invited to join.

Photo : TrenOto

James Chan, Founder and CEO of Ion Mobility, now officially serves as Senior Vice President of TVS Motor Company.

He will lead TVSM's business throughout ASEAN. He will also spearhead the development and launch of the M1-S electric mobility platform.

The ION M1-S is an electric scooter that was exhibited at the IMOS 2024 event. The two-wheeled EV is claimed to have agile acceleration, an impressive range, and an admirable design.