Indian automotive firm, TVS Motor Company has invested in Singapore-based electric vehicle (EV) start-up ION Mobility.
Among others, the move is part of the Indian two/three-wheeler manufacturer’s strategy to expand its global presence.
However, TVS Motor did not disclose the quantum of investment it has made in ION.
“TVS Motor has 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,” the Apache-maker said in an official statement.
According to the Indian firm, the partnership is in line with its commitment to build an aspirational product portfolio while associating with sustainable and scalable brands.
“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 a 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,” said Sudarshan Venu, Managing Director, TVS Motor Company.
“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 and sustainable two-wheeler future together,” said James Chan, CEO, ION Mobility.