TVS Motor (Singapore) Pte, a subsidiary of TVS Motor Company, has sold its stake in ION Mobility Pte, a Singapore-based electric vehicle startup. Alongside this divestment, TVSM Singapore has acquired specific assets from ION Mobility for approximately $1.75 million, based on an independent valuation assessment.

As a result of this transaction, ION Mobility is no longer classified as an associate company of TVS Motor. According to the latest audited financials for FY 2023-24, ION Mobility was previously listed as an associate company of TVSM Singapore. However, following the sale of its stake, TVSM Singapore and its parent entity no longer hold any association with the electric vehicle startup. The change in status has been officially recorded in the company's filings with stock exchanges.

News source: The Hindu Businessline