TVS Motor Company Acquires Majority Stake In EGO Movement

0
86

TVS Motor Company, a reputed two-wheeler and three-wheeler manufacturer globally, recently announced a partnership with EGO Movement as a majority shareholder, in an all-cash deal through its Singapore Subsidiary TVS Motor (Singapore) Pte Ltd.

The partnership is in line with TVS Motor Company’s commitment to building an aspirational product portfolio while nurturing sustainable and scalable brands. It also reiterates the company’s strategy to expand its global presence in developed markets, commencing with Europe, which serves as the heart of the e-bike mobility landscape.

Led by the co-founders Daniel Meyer and Marie So, EGO Movement is a Swiss technology company providing innovative mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters. The company combines unique designs with innovative software and hardware to deliver a differentiated customer experience. It has an omnichannel network across Switzerland, Liechtenstein, and Germany with plans to expand across Europe, combining the best of strategically located stores with a seamless online experience.

Speaking on the occasion, 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 urbanization by delivering unique e-mobility solutions with e-bicycles and mobility across a diversity of forms.”

Mr. Venu further 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.”

Over the past decade, the personal mobility landscape has evolved significantly with the global sustainability agenda, increasing urbanization, and advancement in battery technology. The global pandemic also became a key catalyst in accelerating the adaption to personal mobility.

The e-bike market has been at the forefront of personal mobility innovation, with new business models and technologies advancing rapidly with global trends. Various sub-segments have also emerged to cater to customers’ evolving needs – ranging from city bikes for daily commute to mountain bikes for adventures or cargo bikes for carrying loads or people.

Co-founder and CEO of EGO Movement, Daniel Meyer, 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.”

EGO Movement’s product portfolio focuses on delivering sustainable products with the latest technology and stylish designs. A powerful battery is blended harmoniously into the frame, whose ergonomic design allows for a comfortable upright sitting position.

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.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.