ION Mobility's Confidence in the EV Market with Completely Self-Developed Products
This year we will start distributing ION M1-S products to pre-order customers; aim to generate tens of millions of dollars in revenue
The growth of electric vehicles in Indonesia is increasingly felt along with product penetration in society. Compared to conventional vehicles, the electric vehicle industry is becoming more attractive, because Indonesia is not only flashy as a market, but innovations are starting to emerge from local innovators -- both in terms of vehicle products and supporting infrastructure.
ION Mobility is a startup that focuses on developing electric motorbike products/electric two-wheel vehicles (E2w) in Indonesia. They started building a team in Jakarta at that time lockdown pandemic in 2020, led by James Chan as founder and CEO. Products and business models that are considered solid carry them closed $6,8 million in seed funding in two rounds in 2021 and 2022. Followed by series A funding worth $18,7 million in February 2023 led by TVS Motor.
"We are the only E2w player (electric two-wheel vehicles) which is supported by the Southeast Asian automotive industry. "In addition to automotive leader 2W TVS Motor, we also have support from Martin Hartono from GDP Venture and Michael Sampoerna from Sampoerna Strategic as our investors," said James.
James also explained that most of the investment funds collected were used for team development, operations and increasing presence in Indonesia. Currently most of the team is in Jakarta and Bandung, although ION Mobility also has offices in Singapore, Vietnam and China.
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