Indian two-wheeler giant TVS Motor is set to acquire Singapore-based electric motorbike startup ION Mobility. The deal, expected to close on April 1, 2025, will transfer all of ION Mobility’s assets and intellectual property to TVS.
TVS had previously invested in ION Mobility’s $18.7 million Series A round in February 2023. TVS plans to relaunch ION’s M1-S electric scooter with better quality and manufacturing.
The scooter will also be sold in markets outside Indonesia under the TVS brand. By integrating ION’s team, TVS aims to strengthen electric mobility in the ASEAN region.
ION Mobility’s founder and CEO, James Chan, will join TVS Motor as Senior Vice President, overseeing ASEAN operations and the ION M1-S platform.
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“We couldn’t have found someone better to work with in the long run than TVS, so as to fully realise our vision and roadmap for the M1-S and our other planned models. With TVS as the world’s 4th largest two-wheeler industry titan, the ION M1-S will be relaunched in Indonesia (and beyond) with way-better quality and manufacturing considerations, while our team integrates with the rest of the company to bring our unique blend of superpowers and shake up the ASEAN 2W industry (and beyond) in the months and years ahead,” Chan said in a statement.
“When I founded this company back in Oct 2019, selling out wasn’t something I had envisioned as our eventual outcome. I had longer-term (and broader) plans for ION to start in 2W mobility, but to then cross over into energy storage and charging infrastructure,” he added.
“We tried our best to secure additional financing to continue operating as an independent team and brand but ultimately failed to find other investor-partners who truly understood our team and our play… I thank my team and my investors for supporting me on our moonshot and take full accountability for not having done better,” Chan also added.
He said solving these challenges required involving multiple industries to create high-quality, efficient electric scooters and motorcycles for Indonesia and, later, other key Southeast Asian markets.
About ION Mobility
Founded in 2019 by James Chan, Singapore-based ION Mobility aims to lead Southeast Asia’s shift to a low-carbon economy by offering electric mobility solutions. Its goal is to provide clean alternatives for urban commuters, reducing air pollution and promoting EV adoption, starting with motorbikes. The company plans to transition over 200 million motorcycle users from petrol to electric for a more sustainable future in the region.
Under TVS Motor, the ION M1-S will be relaunched in Indonesia and other markets with improved quality and manufacturing standards. TVS’s acquisition will help ION Mobility achieve its vision for the M1-S and future models by leveraging TVS’s resources and market strength.
