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

[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.