Shares of TVS Motors were gaining on Wednesday after the firm inked a partnership to enter a new market in Indonesia.
What Happened: TVS has partnered with Singapore-based tech startup ION Mobility to enter the sports scooter market under an initiative called Project Dynamo, which is set to debut at the Indonesia Motorcycle Show (IMOS) 2023 from October 25 to 29.
The collaboration between TVS Motor and ION Mobility kicked off in February 2023 when TVS Motor became the lead investor in ION Mobility’s series A funding with a strategic investment of $18.7 million.
Project Dynamo is ION Mobility’s take on the TVS X, which is TVS Motor’s premium flagship crossover electric vehicle introduced earlier this year. This project aims to meet the demands of Indonesian riders who value speed and performance while embracing the eco-friendly aspects of electric vehicles.
Why It Matters: Electric motorcycles designed under Project Dynamo will cater to the specific needs and preferences of Indonesian motorcyclists, ensuring they embody unique features that define the ION brand.
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Singapore-based startup ION Mobility develops electric motorcycles and related technologies. It aims to facilitate the transition of motorcycle riders in Indonesia and Southeast Asia from traditional petrol-powered vehicles to electric ones.
Price Action: TVS Motors’ share price climbed 1% to ₹1,600.95 in morning trade on Wednesday.
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