TVS Motor acquires ION Mobility assets to enhance EV development in the ASEAN region.

TVS Motor Company is taking over the assets of ION Mobility to expand its electric business in Southeast Asia. The global manufacturer of two and three-wheelers is integrating the assets, intellectual property and personnel of ION Mobility. 

TVS motors has also invested earlier in ION mobility, which is involved in the development of electric vehicles like designing, engineering, electronics, firmware, software development, and supply chain management. 

As per TVS, this integration will help in expanding the company's EV business in Southeast Asia, a region which has a lot of opportunities in the two-wheeler segment, and has potential for EV adoption. 

The President-Group Strategy, of TVS Motor Company, Sharad Mohan, expressed, “We are early strategic adopters in ION mobility, focussing on smart, sustainable and exciting EV mobility solutions for ASEAN markets. Our vision for 'Reimagine 2030' is closely aligned with theirs, especially with the incorporation of ION mobility assets, intellectual property, and our core team.

We are excited to bring them aboard with their design thinking, entrepreneurial skills, and engineering excellence into TVS Motors, as we bring along our R&D, quality systems, and manufacturing expertise. This strategic alliance will help to garner market penetration and grow our business across Southeast Asia. 

TVS Motors has a huge customer acquisition of around 6,00,000, mainly through its electric scooter, TVS iQube. The company is also locally manufacturing EV components, which includes battery systems, battery management, vehicle control units, and connected platforms. The company owns over 650 patents in EV technology.

The company has announced that their completely owned subsidiary, TVS Motor (Singapore) Pvt Ltd, has acquired various assets from ION mobility and undertaken their equity stake in the company. 

Following this, the former Founder and CEO of ION Mobility, has joined TVS Motors as Senior Vice President. He will be responsible for the company’s operations in the ASEAN region and will be leading the development of the M1-S electric mobility platform.