TVS Motor Company has announced its association with ION Mobility (ION), a Singapore-based electric vehicle startup. TVS Motor has entered into an investment agreement with the aim to provide ION with the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia.
TVS states that the partnership is in line with its aim to build a stronger product portfolio while associating with sustainable and scalable brands. It also reiterates the company’s strategy to expand its global presence. The company did not disclose the amount of this investment.
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 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 related news, TVS released its sales data for January 2023 recently, revealing that it has recorded positive growth in almost all segments. The most notable was that of the electric scooter iQube, that been witnessing a consistent month-on-month sales increment. Total dispatches of the e-scooter stood at 12,169 units last month - the highest ever since its launch.
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