TVS Motor Company is looking to expand its global reach as it announces majority stake acquisition of Switzerland-based e-bike manufacturer EGO Movement in an all-cash deal. This acquisition is a part of TVS Motor Company’s plans of diving into the European electric mobility market. This move should also help strengthen the brand’s foothold in the European market after acquiring Norton Motorcycles last year.
EGO Movement was founded in 2015 by Daniel Meyer and Marie So, and currently has 10 dealers in Switzerland and Germany. It offers a range of products in the electric mobility segment, such e-bikes and e-scooters, and e-cargo products.
Mr. 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. 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.”
Daniel Meyer, co-founder and CEO of EGO Movement, commented “As a Swiss based strongly mission-driven company, we are excited to be teaming up such a highly respected global partner and industry leader. 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.”
With this move, TVS aims to cover all bases by offering a wide range of products in its portfolio, right from electric bicycles to mopeds, scooters, electric scooters, and motorcycles. TVS Motor Company recently made its comeback in the 125cc commuter segment with the Raider, and you can read our review here.