TVS Motor integrates ION Mobility assets for EV growth in ASEAN

TVS Motor Company (TVSM) (BSE:532343 and NSE: TVSMOTOR), a global manufacturer of two and three-wheelers, has announced the integration of the assets, intellectual property, and personnel of ION Mobility into its operations as part of its plans to expand its electric vehicle (EV) business in Southeast Asia.

TVSM has previously invested in ION Mobility, a company involved in electric vehicle development, with in-house functions in design, engineering, electronics, firmware, software, and supply chain management. According to the company, the integration of ION Mobility’s operations into TVSM is aimed at supporting the company’s electric vehicle expansion in Southeast Asia, a region with significant two-wheeler usage and potential for EV adoption.

Sharad Mohan Mishra, President – Group Strategy, TVS Motor Company, said: “We were an early strategic investor in ION Mobility, attracted by their focus on delivering smart, sustainable, and exciting mobility solutions for ASEAN markets. 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.”

TVS Motor currently has an EV customer base of around 600,000, primarily through its electric scooter, the TVS iQube. The company has developed EV components in-house, including battery systems, battery management, vehicle control units, and connected platforms. It holds over 650 patents in the EV space.

TVS Motor Company stated that its wholly owned subsidiary, TVS Motor (Singapore) Pte Ltd, has acquired select assets from ION Mobility and divested its equity stake in the company. Following the transaction, James Chan, former Founder and CEO of ION Mobility, has joined TVS Motor Company as Senior Vice President. He will oversee the company’s operations in the ASEAN region and lead the development of the M1-S electric mobility platform.

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