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TVS Motors forays into Europe's e-bike market, acquires majority stake in Swiss company EGO Movement

This acquisition will further expand the presence of TVS Motor in Europe, post the Norton Motorcycles buy last year.

September 16, 2021 / 05:49 PM IST
Representative Image

Representative Image

TVS Motor Company, a global manufacturer of two-wheeler and three-wheeler vehicles, announced a partnership with European e-bike, EGO Movement as a majority shareholder, in an all-cash deal through its Singapore Subsidiary TVS Motor (Singapore) Pte Ltd.

TVS picked up 80% stake in EGO for $17.9 million, according to a report in Economic Times. Joint Managing Director Sudarshan Venu affirmed that the deal is progress towards delivering unique e- e-mobility solutions.

"We are building a strategic personal e-mobility ecosystem by scaling unique brands which share our vision of delivering compelling customer experience benchmarks through cutting-edge, aspirational products. EGO Movement has a strong presence in Europe with customer-centric products, a unique omnichannel network and a visionary team at its helm. Together, we will address global urbanisation by delivering unique e-mobility solutions with e-bicycles and mobility across a diversity of forms," he said, as quoted by Economic Times.

Led by the co-founder's Daniel Meyer and Marie So, EGO Movement is a Swiss technology company providing a wide range of mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters. It is a profitable company with sales of about 3500 units in 2020 generating revenues of $6 million.

This acquisition will further expand the presence of TVS Motor in Europe, post the Norton Motorcycles buy last year.

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Back in India, the company on September 16, has launched its  125 cc motorcycle TVS Raider priced at Rs 77,500 for the drum brake variant and Rs 85,469 for the disc brake variant (ex-showroom Delhi), will be launching a 125 cc version of its popular scooter model Jupiter later this month.

It is aiming to sell 5 lakh units of the two new products in the first year of launch.
Moneycontrol News
first published: Sep 16, 2021 05:41 pm

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