The inception of this partnership dates back to February when TVS Motor led ION Mobility’s Series A funding round with a large investment of around $18.7 million
TVS Motor Company Ltd. has seen its shares go up following a major announcement of a strategic partnership with Singapore-based start-up ION Mobility. This collaboration, called Project Dynamo, was officially announced at the prestigious Indonesia Motorcycle Show (IMOS) 2023 and is a mark of TVS Motors interest in the new frontier market of EVs.
The inception of this partnership dates back to February when TVS Motor led ION Mobility’s Series A funding round with a large investment of around $18.7 million. Project Dynamo, the fruit of this investment, is actually directly inspired by TVS Motors’ premium crossover EV, the TVS X. The project is specifically designed to cater to the preferences of Indonesian riders, who are increasingly seeking both high-performance and eco-friendliness in their transportation.
Sharad Mohan Mishra, President of Group Strategy at TVS Motor Company, expressed the company’s enthusiasm for the partnership with ION Mobility. According to him, the ultimate goal is to fuel the growth of premium electric two-wheelers in the Indonesian market. Similarly, James Chan, Founder and CEO of ION Mobility, expressed his pride in collaborating with TVS. He envisioned the venture as aimed at pushing ION Mobility to the status of a premier brand in Indonesia. Indonesian motorcyclists can anticipate a new slew of innovative and eco-friendly vehicles in the years ahead as this partnership ripens.
Project Dynamo- an ambitious foray into Indonesia’s EV market
Project Dynamo is ION Mobility’s ambitious entry into the dynamic Indonesian electric motorcycle market. The core objective of this project is not only to improve performance but also to revolutionise rider comfort, handling, and acceleration and to integrate advanced digital features, aligning with the new expectations of the Indonesian middle-class consumer base.
This project aims not only to meet the performance-driven expectations of riders but also to contribute to job creation and technological advancement within the electric motorcycle industry, aligning with Indonesia’s broader vision of cornering the EV market, something which the government has been promoting and towards which impressive strides are already being made.
The positive news was reflected in the financial markets, with shares of TVS Motor Co. Ltd. surging by 1.4%. The stock reached an intra-day high of INR 1,607.70 on the Bombay Stock Exchange (BSE). Year-to-date, the stock has demonstrated good growth, with an impressive 49% increase, well outperforming the benchmark Sensex, which has experienced relatively modest growth of 5% during the same period.
Project Dynamo, as a flagship project of the collaboration between TVS Motor and ION Mobility, is an important leap forward in the electrification of Indonesia’s transport industry. The introduction of electric sports scooters at the Indonesia Motorcycle Show should have an immediate impact, heralding a greener and more connected future for Indonesia.