TVS Expands in Southeast Asia via ION Mobility Acquisition

Business |Investment

TVS Motor acquires ION Mobility assets to boost EV growth in Southeast Asia; James Chan joins to lead ASEAN ops and M1-S platform launch.

Date: April 7, 2025

TVS Expands in Southeast Asia via ION Mobility Acquisition

Bangalore- TVS Motor Company (TVSM), a leading two- and three-wheeler manufacturer, is set to expand its electric vehicle (EV) presence in Southeast Asia by integrating the assets, IP, and talent of ION Mobility into its operations. With Southeast Asia being one of the fastest-growing motorbike markets globally, this move presents a strong growth opportunity.

As a strategic investor in ION Mobility, a full-stack EV firm with strengths in design, engineering, software, and supply chain, TVSM will now combine these capabilities with its own expertise in electric mobility accelerating innovation and market expansion in the region.

Mr. Sharad Mohan Mishra, President Group Strategy, TVS Motor Company, said, “We were an early strategic investor in ION Mobility, attracted by their focus on delivering smart, sustainable, and exciting mobility solutions for ASEAN markets. Our ‘Reimagine 2030’ vision strongly aligned with their mission. With the acquisition of ION Mobility’s assets, IP and core team, we are thrilled to bring their entrepreneurial energy, design thinking and engineering strength into TVSM. Combined with our R&D depth, quality systems, and manufacturing scale, this partnership positions us to accelerate market penetration and grow our share across Southeast Asia.”

TVS Motor, a key player in EV space with nearly 600,000 iQube customers, continues to build on its strong momentum. With over 650 EV-related patents and in-house expertise across critical components like battery systems, control units, and connected platforms, the company is accelerating its innovation strategy.

This week, its Singapore-based subsidiary acquired select assets from ION Mobility and exited its equity stake in the company. As part of this transition, ION Mobility’s Founder and CEO, James Chan, has joined TVS Motor as Senior Vice President. He will lead TVSM’s ASEAN business and oversee the development of the M1-S electric platform an EV already gaining attention in the region for its design, range, acceleration, and everyday practicality.

TVS Motor ION Mobility