The Business Times
business-time-50
Asean Business logo
SPONSORED BYUOB logo

Singapore’s ION Mobility to invest US$15 million in Indonesia electric vehicle market

Elisa Valenta

Elisa Valenta

Published Wed, Oct 25, 2023 · 12:00 PM
    • Ion Mobility's CEO James Chan said the aim is to grow his company into South-east Asia's leading electric mobility solutions provider, with Indonesia a key market in the region.
    • Ion Mobility's CEO James Chan said the aim is to grow his company into South-east Asia's leading electric mobility solutions provider, with Indonesia a key market in the region. Photo: ION MOBILITY

    [JAKARTA] Ion Mobility, a Singapore-based electric vehicle (EV) startup, will invest US$15 million over the next three years to expand its presence in Indonesia, its founder and chief executive officer James Chan told The Business Times.

    The company and its strategic investor TVS Motor Company – the third-largest motorcycle company in India in terms of revenue – will deepen their collaboration to develop electric sports scooters.

    This collaboration, called Project Dynamo, was announced at this week’s Indonesia Motorcycle Show that takes place in Tangerang – a satellite city of the capital Jakarta – from Wednesday (Oct 25) to Sunday.

    Electric vehiclesIndonesiaAsean BusinessAsean

    TRENDING NOW

    Chee Hong Tat, minister for national development and deputy chairman of MAS, says there will be a new Investment Management Track under ONE Pass.

    MAS allocates S$1.45 billion to five asset managers in third EQDP batch: Chee Hong Tat

    From left: CDL’s group chief financial officer Yiong Yim Ming; group general manager Chia Ngiang Hong; group CEO Sherman Kwek; group chief operating officer Kwek Eik Sheng; and chief investment officer Gerald Yong.

    ‘My grandfather’s legacy’: Sherman Kwek lays out three-year plan for CDL to drive returns

    From left: Pham Nhat Quan Anh, Pham Nhat Vuong, Pham Thu Huong and Pham Nhat Minh Hoang. The couple (centre) remain senior figures in Vingroup, with their children’s presence in the ecosystem growing.

    He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons

    Robots for various purposes from caregiving to making coffee on display at the Shanghai Humanoid Robot Innovation Incubator.

    ‘How many will survive?’: Bubble fears arise as China’s humanoid robotics face reality check

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More