Bangalore, April 4, 2025: TVS Motor Company (TVSM) is expanding its electric vehicle (EV) presence in Southeast Asia by integrating ION Mobility’s assets, intellectual property, and team into its operations. Given the region’s rapid growth in motorbike usage, this move could influence market dynamics and competition.
TVSM had previously invested in ION Mobility, a company with expertise in EV design, engineering, and supply chain solutions. By incorporating ION Mobility’s capabilities, TVSM appears to be strengthening its position in the Southeast Asian EV market, though the actual impact remains to be seen.
Sharad Mohan Mishra, President of Group Strategy at TVS Motor Company, commented on the decision, stating, “TVS Motor was an early investor in ION Mobility, as both companies shared a vision for mobility solutions in ASEAN markets. With this acquisition, TVSM gains access to ION Mobility’s assets, intellectual property, and core team. Combined with TVSM’s existing capabilities, this step is expected to accelerate its expansion in the region.”
TVS Motor has been growing its EV portfolio, with its flagship electric scooter, TVS iQube, reaching nearly 600,000 customers. The company has also developed in-house expertise in EV components such as battery systems, battery management, and vehicle control units, holding more than 650 patents in the space.
Earlier this week, TVS Motor Company announced that its subsidiary, TVS Motor (Singapore) Pte Ltd, had acquired select assets from ION Mobility while also divesting its stake in the company. As part of the transition, James Chan, Founder and CEO of ION Mobility, has joined TVS Motor Company as Senior Vice President. He will oversee TVSM’s ASEAN operations and lead the development of the M1-S electric mobility platform, which has drawn interest in the region. Whether this acquisition will significantly shift TVSM’s market position remains to be seen.