TVS Motor Company Ltd’s shares were up by 1.24 per cent after the company reported a collaboration with ION Mobility, a Singapore-based tech start-up’s Project Dynamo, at the Indonesia Motorcycle Show (IMOS) 2023. TVS Motor led ION Mobility’s Series A funding with an investment of $18.7 million (Rs 137.66 crore) in February 2023, initiating this partnership.
Project Dynamo draws inspiration from TVS Motor’s premium crossover EV, the TVS X. ION Mobility aims to cater to Indonesian riders seeking performance and speed, while also emphasising environmental consciousness. The project focuses on enhancing rider comfort, handling, acceleration, and incorporating intelligent digital features.
Sharad Mohan Mishra, President of Group Strategy, TVS Motor Company said, “Our focus on electrification is a testament to our commitment to a cleaner, greener, and more connected future, which was validated through the recently launched TVS X. We are thrilled to solidify our partnership with ION Mobility, to drive premium electric two-wheeler growth in Indonesia with the showcase of Project Dynamo at the IMOS.”
Project Dynamo is ION Mobility’s long-term dedication to the electric motorcycle industry in Indonesia. Their efforts are expected to contribute to job creation and technological advancements within the industry.
The shares were up by 1.24 per cent at Rs 1,603.65 at 10.20 am on the BSE.