TVS Motor (Singapore) Pte. Ltd., a wholly owned subsidiary of TVS Motor Company, has made a strategic investment of $95,00,000 in Ion Mobility, a tech and automotive OEM start-up, to further its commitment towards electrification.
The investment will enable TVSMC to drive the premium electric ecosystem in South-east Asia. The deal is expected to be completed in 30 days, TVS Motor said in a regulatory filing.
TVSM entered into an investment agreement with an aim to provide Ion the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia. Ion operates in Indonesia, China and Singapore.
Ion Mobility is 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, said Sudarshan Venu, MD, TVSM
“We share a common vision and are eager to support them as a strategic investor,” he added.