ION Mobility announced that it will join the Indonesian sports scooter market with Project Dynamo during the Indonesia Motorcycle Show 2023, which will take place between October 25 and October 29.
TVS Motor Company had a market share of 24.75% in August 2023. This came after selling 40,074 more scooters in August 2022 than in August 2022. TVS Motor Company sold 563,532 units in August, including 75,795 all-electric iQubes.
TVS Motor Company’s worldwide sales increased by 18.4% to 2.5 million in 2023. This placed the business fifth in the worldwide motorbike market.
TVS Motor Company’s overall exports climbed by 8% to 100,294 units in September 2023. Exports of two-wheelers climbed by 11% to 86,462 units.
The TVS X, TVS Motor’s premium flagship crossover EV (electric vehicle), was unveiled earlier this year, and Project Dynamo is ION Mobility’s conceptual adaption of it.
Project Dynamo is the next phase in ION Mobility and TVS Motor’s relationship, which started in February 2023 when TVS Motor led ION Mobility’s Series A fundraising of $18.7 million as its strategic investor.
According to ION Mobility, Project Dynamo intends to meet the demands of Indonesian riders who value performance and speed while expanding on the benefits of economical and environmentally friendly electric vehicles.
ION Mobility founder and CEO James Chan said: “It is an honor for my team and I at ION Mobility to have the chance to work with TVS Motor on the sports scooter segment, with the amazing TVS X as the starting point for Project Dynamo.”
Meanwhile, TVS Motor’s President – Group Strategy Sharad Mohan Mishra said: “Our focus on electrification is a testament to our commitment to a cleaner, greener, and more connected future which was validated through our recently launched TVS X. We are thrilled to solidify our partnership with ION Mobility to drive the premium electric two-wheeler growth in Indonesia with the showcase of Project Dynamo at the Indonesia Motorcycle Show.”
Following the news, TVS Motor shares climbed as much as 1.4% to an intra-day high of 1,607.70 on the BSE on Wednesday. The stock has gained 49% year to date, compared to a 5% growth in the benchmark Sensex over the same time.