2024 December :: CEO's Update
Tough but necessary decisions to finish and win in this E2w marathon race
The year is coming to an end. Without further ado, let me get the tough news out of the way first.
We will not be able to ship the M1-S this year as intended, due to:
(more so) Tight constraint on engineering, supply chain and quality resources, resulting in a mix of delays in our tooling and production readiness work with suppliers, especially in areas such as chassis, lights and paint;
(more so) Overall improvements to M1-S bill-of-materials, for a further 15% cost-down without relying on increasing procurement scale in order to meet profitability targets, all while maintaining maximum customer delight in areas such as:
Improved front storage areas (left/right)
Bucket light to illuminate the 26-litre storage compartment below your seat
Easier replacement of integrated charging cable without the need to replace the entire onboard charging unit should anything happen to your cable or plug
Improved riding modes, including even more power when in Sports mode
(less so) Unclear E2w subsidy policy guidelines, with quotas that have since been exhausted and not renewed.
Given that we have missed our intended ship dates twice, I have made the decision to stop taking preorders, refund all active preorders fully, and extend all past preorder customers with a special loyalty voucher for future M1-S sales orders. My team will follow up with details in the coming days.
We will be in a much better position to relaunch the ION M1-S in 2025, once we have resolved all our production issues. Your place in the delivery queue will not be jeopardised.
At the same time, we’re also getting the support of our investor-partner, TVS Motor, to start testing of the ION M1-S in their facility in Hosur (India), subjecting the M1-S to their exacting Indian and international automotive standards. TVS is renown for their emphasis on quality. We’re leaving no stone unturned when it comes to testing and quality.
There is nothing more important than shipping your product when it comes to building and scaling hardware companies like ours. There is a plethora of aspects to consider and resolve when you’re dealing with actual atoms. Unlike other players, we also develop our own embedded drivers and applications, as well as frontend and backend software. Our zero-outsourcing policy means we’re playing this game in Ironman-Brutal mode.
I am truly sorry for the delays, but we as a team firmly believe this is the only way to take customer interest in our product seriously, so that we can complete and win this marathon race, while sleeping better.
It has been 5 long years since I started this company. As a serial entrepreneur (and father of three), I was deeply aware of how all-consuming it can be to start and run a hardtech startup. It is why I often refer to Ion Mobility as my fourth child; an extremely demanding child I initially thought I would be sharing with Joel, that I now share with Ho Sen, Xianyi and the rest of my teams in Singapore, Indonesia, Vietnam and China.
Our Singapore holding company used to be called Ion Electric, and we had initially relied on a large Chinese E2w ODM partner to attempt to go-to-market quicker. We changed our name at around the same time Joel and I realised it wasn’t going to work out. I felt “Ion” and “Electric” were two words that neither conveyed meaning to each other, nor felt right when you said it out loud together. We kept “Ion” and switched the second word to “Mobility”; Ion Mobility sounded like the brand of a mobility company, and yet could also be explained as “the mobility of electric ions, that enables what we do.”
We had first showcased an alpha version of the M1-S at IMOS 2022 and collected valuable feedback, which led to a major rework of the bike, reducing our pack configuration from 14s20p to 12s20p while improving on major aspects of the scooter. We started offering test rides during IIMS 2023 alongside news of our Series A fundraise. Later in 2023, we also showcased at GIIAS 2023, before giving IIMS 2024 a miss to try to focus our efforts a bit better. Unfortunately, some customers thought we were going bust, so we reappeared at GIIAS 2024.
Earlier last month, we showed up for the 5th time in public at IMOS 2024, which was also our 3rd time exhibiting at IMOS. In view of the above decisions, IMOS 2024 will be the last time we will make an appearance at trade shows until we’re ready to relaunch the M1-S with ready stock on-hand.
I reiterate our commitment to finish the job, and continue supporting and delighting our customers. We did not develop the M1-S as a one-off E2w scooter meant for just Indonesia. While we certainly do not wish to disappoint our customers, we know you are as frustrated as we are with the existing offerings on the market, and hope you will give the M1-S another chance when we formally launch it sometime next year.
I am still waiting for the ION M1-S in Indonesia. I have a good experience on a test drive! Hopefully, all improvements don't cause a price increase. Good luck!