Daily Markup #815: ION Mobility’s M1-S set to be electric motorcycle with highest local content in Indonesia; open for test rides and pre-orders

Ching Yee Ho

August 24, 2023 · 2 min read

Light cycles

Earlier in the year, 500-backed electric motorcycle company ION Mobility shared its goal to replace the 200-million motorcycles in Southeast Asia with electric vehicles, and they’re well on their way!
The team shared with e27, that it is completing the tooling and production preparation to set up a factory and experience centers across Indonesia. “The Jakarta plant has the capacity to produce up to 50,000 M1-S per year in the first phase. It will contain a full battery pack line alongside the M1-S assembly line, ensuring that the M1-S will be the highest local content EV motorcycle in Indonesia by end-2023,” shared ION Mobility Co-Founder and CEO James Chan.
ION Mobility soft-launched its first model, M1-S, in Jakarta last November and has been receiving pre-orders. The bike offers a “completely digital experience” with reverse gear, high-quality digital display, and an integrated bike-rider-ride-app experience. The model is also faster, and priced lower than the 155cc and 250cc petrol equivalents, with similar cost of ownership over two to three years.
ION Mobility recently secured US$18.7M in Series A financing, led by India’s two-wheeler major TVS Motors. “(TVS) 40-plus years of experience — first by learning from partnering with Suzuki and later on their split-up and with its India-specific realities and innovation driving its capabilities and processes in motorcycle design, engineering and manufacturing — has allowed us to reduce 11kg weight from M1-S quickly,” he shared.
They also aligned some common parts, through TVS’s Indonesian supply chain networks, helping them improve range and performance, while reducing cost.
Instead of outsourcing design and development to China or other European players, James is committed to a full-stack end-to-end approach. “This is the only way to manage cost well, even at a low scale, while maximizing outcomes and ensuring maximum margins.”
“We need to raise more, especially next year, after starting the delivery of our units and supporting their use on the roads of Indonesia. We also have early plans for a proper Series B round in 2024 while keeping an eye on the unstable macroeconomic climate,” he shared.
Read the full feature here.