Stock Report

TVS Motor Company invests in ION Mobility

Posted On : 2023-02-03 09:51:39( TIMEZONE : IST )

TVS Motor Company invests in ION Mobility

In line with their shared commitment towards electrification in the automobile industry, TVS Motor Company, one of the leading global manufacturers of two-wheelers and three-wheelers, announced its association with ION Mobility (ION) on Feb 2, 2023. 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 partnership is in line with TVS Motor Company's commitment to build an aspirational product portfolio while associating with sustainable and scalable brands. It also reiterates the company's strategy to expand its global presence.

Speaking on the occasion, Mr. Sudarshan Venu, Manging Director, TVS Motor Company said, "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 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."

ION Mobility Founder and CEO, Mr. James Chan said, "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 twowheelers 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 & sustainable two-wheeler future together."

Shares of TVS Motor Company Limited was last trading in BSE at Rs. 1017.60 as compared to the previous close of Rs. 1037.25. The total number of shares traded during the day was 35358 in over 3150 trades.

The stock hit an intraday high of Rs. 1057.70 and intraday low of 1000.30. The net turnover during the day was Rs. 36459502.00.

Source : Equity Bulls


TVSMotorCompany INE494B01023 InvestmentAgreement IONMobility 2Wheeler Singapore Indonesia