TVS acquires major stake in Swiss-based electric bicycle company

Representative


TVS and EGO Movement aim to provide unique electric mobility solutions with e-bikes and mobility in various forms

TVS Motor Company bought a major stake in EGO Movement, a European brand of electric bicycles and thus entered the electric mobility sector. The agreement was made through the Singaporean subsidiary of TVS and is consistent with that of the Hosur-based company to expand its presence in international markets, particularly in developed countries.

Europe being a major player in the field of electric bikes, TVS wants to seize this opportunity with the EGO movement. Sudarshan Venu, Co-Managing Director, TVS Motor Company, said the relationship with EGO Movement is in line with TVS’s commitment to electrification and the broader sustainability agenda as part of establishing a strategic personal electric mobility ecosystem.

This was done by scaling up unique brands that share TVS’s vision of “Provide convincing benchmarks in customer experience through cutting-edge and ambitious products. The company has a strong presence in Europe with customer-centric products, a unique omnichannel network and a visionary team at its helm. according to him.

EGO Movement E-Bike Classic 25_

He further noted that the partnership between TVS Motor Company and EGO Movement will tackle global urbanization by “Providing unique electric mobility solutions with e-bikes and mobility in various forms. “ TVS expects to generate approximately US $ 100-150 million in revenue from the e-bike business over the next five years.

The primary stake in EGO Movement is the brand’s second largest acquisition in a relatively short period of time, as the heritage brand Norton Motorcycles was acquired in a cash deal for £ 16million, which s ‘is translated to roughly Rs. 153 crore in August 2020. The EGO movement features a powerful mid-motor with torque sensor, a USB port on a removable Li-ion battery, and an auto-switching LED light. .

At the start of last year, TVS entered the electric two-wheeler space thanks to the i-Qube and it competes with Bajaj Chetak, Ather 450X and recently introduced Ola S1 and Simple One. The company is expected to further expand its zero emissions portfolio in the coming years, as the transition in the industry is certainly inevitable.

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