TVS Motor gains as arm to acquire shares of ION Mobility

TVS Motor Company rose 1.19% to Rs 1,013.65 after the company's wholly owned subsidiary, TVS Motor (Singapore), has entered into an agreement to acquire shares of ION Mobility to support in electric two-wheeler markets of Singapore and Indonesia.

ION Mobility is a tech and automotive OEM startup, which aims to create and deliver aspirational and sustainable mobility and energy solutions to customers across South-East Asia.

TVS will subscribe 3,144,198 series AA shares of ION Mobility with aggregate investment of $95,00,000. The proposed investment is expected to be completed within 30 days. It will enable the company to drive the premium electric ecosystem in South-east Asia.

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.

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.

ION Mobility Founder and chief executive officer, 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 two wheelers to accelerate our Mobius M1-S production readiness, as well as the design and development of other models.

TVS Motor Company is engaged in the business of manufactures two wheelers, three wheelers, parts and accessories thereof.

The company's consolidated net profit rose 21.4% to Rs 300.89 crore on 22.3% jump in net sales to Rs 8,066.13 crore in Q3 FY23 over Q2 FY22.

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