TVS Motor Co has acquired a majority stake in European e-bike brand, EGO Movement, thereby marking its foray into the personal e-mobility business.
The all-cash deal was conducted through its Singapore Subsidiary TVS Motor (Singapore) and is in line with TVS’ strategy to expand its global presence in developed markets, commencing with Europe, which serves as the heart of the e-bike mobility landscape.
Sudarshan Venu, Joint Managing Director, TVS Motor Company, said, “The partnership with EGO Movement reaffirms TVS Motor Company’s commitment towards electrification and the broader sustainability agenda. 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. The company has a strong presence in Europe with customer-centric products, a unique omni-channel 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 added, “It is also an important milestone in our journey to grow our presence in Europe, with the Norton Motorcycles acquisition last year and now the launch of the personal e-mobility platform.”
EGO Movement is a Swiss technology company providing innovative mobility solutions through a portfolio of e-bikes, e-cargo bikes and e-scooters. It has an omni-channel network across Switzerland, Liechtenstein and Germany with plans to expand across Europe, combining the best of strategically located stores with a seamless online experience.
Co-founder and CEO of EGO Movement, Daniel Meyer, commented “Our team is fully committed to taking the company to the next phase. We are confident that together with TVS Motor Company, we will be able to create more value for all partners and customers of EGO Movement focusing on further growth by following our mission of a greener way of e-mobility.”
EGO Movement’s product portfolio focuses on delivering sustainable products with the latest technology and designs. In addition, with technical refinements such as a powerful mid-motor including a torque sensor, a USB port on the removable lithium-ion battery and an LED light that automatically switches on at dusk.