TVS Motor Company acquires Switzerland’s largest e-bike player
Published By : Prameya News Bureau | January 27, 2022 IST
Share
Chennai, Jan 27: TVS Motor Company today announced the successful acquisition of a 75% stake in the Swiss E-Mobility Group (SEMG). The acquisition reaffirms TVS Motor Company’s commitment to expansion in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired. SEMG is a market-leading provider of e-mobility solutions within the DACH region, operating the largest pure-play e-bike retail chain M-way in Switzerland with close to USD 100M in revenue.The company has a prestigious Swiss mobility brands portfolio, including Cilo, Simpel, Allegro, and Zenith – Bikes.By combining its extensive physical network and e-commerce platform with two online platforms and 31 physical stores, SEMG is able to deliver a seamless and world-class customer experience. Announcing the acquisition, Venu Srinivasan, Chairman, TVS Motor Company, said, “TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years.The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change.” Speaking on the occasion, Sir Ralf Speth, Chairman designate, TVS Motor Company, said, “TVS Motor is committed to being at the forefront of e-personal mobility globally. SEMGcomplements our acquisitions of Norton Motorcycles and EGO Movement and strengthens our commitmentto environmental sustainability. We offer our customers a compelling portfolio of technologically advanced and environment friendly products.” E-bikes are establishing themselves as the de-facto form of personal mobility in Europe due to the increased ease of usage, regulatory support, and overall perception as a sustainable form of transport. With a current penetration of approximately 15% of the total bicycle population in Europe and growing at a CAGR of ~18%, the market for the e-bicycle holds significant growth potential.
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Sensex crosses 74K mark in 1000 points rally
Kia unveils K4 compact sedan in US ahead of launch
realme 12x 5G: Pioneering 5G experience under Rs 12K
Adani Ports acquires Gopalpur Port in Odisha for Rs 3,080 crore
MCL becomes first ever company to achieve 200 MT coal production
Over $447 million in funding raised by 22 Indian startups last week
Naveen Jindal takes charge as President of Indian Steel Association
Maruti Suzuki acquires stake in homegrown AI startup Amlgo Labs
Will work to create advanced chip design facility in TN: Zoho's Sridhar Vembu
RBI issues new rules for self-regulatory organisations of banks, NBFCs
Startup Mahakumbh: Rise of entrepreneurs from tier 2, 3 cities big boost to ecosystem
Agency Banks to remain open during Annual Closing on March 31, Sunday: RBI
India records 5.9 pc mineral production increase in January
India now home to over 150 two-wheeler EV startups
Tata Chemicals shares plunge more than 8 per cent
Witnessed 100 pc surge in online business for academic year 2024-25: Physics Wallah
Narayana Murthy gifts Infosys stock worth over Rs 240 crore to 4-month-old grandson
India can create more jobs in esports, game development: CII
Centre to soon have dedicated policy to nurture deeptech startup ecosystem
Adani Group to invest Rs 1.2 lakh crore in FY25 in next phase of growth