Published on September 20th, 2021 | by Amirul Mukminin0
TVS Buys Majority Stake In Swiss E-Bike Company EGO Movement
E-bikes and e-scooters are all the rage these days and TVS Motor Company wants in
Indian motorcycle manufacturer TVS Motor Company announced that it has acquired majority stake in EGO Movement, a Swiss-based company that makes e-bikes, e-cargo bikes and e-scooters. The all-cash deal was done through its Singapore subsidiary, TVS Motor (Singapore) Pte Ltd as part of its strategy to get on the personal e-mobility bandwagon and increase awareness of the TVS brand in Europe.
EGO Movement seems to be the right partner for this endeavour as it boasts an extensive product portfolio of personal e-mobility vehicles with the latest technology. On top of that, the company also has a network of 11 stores across Switzerland, Germany and Lichtenstein, which might well benefit TVS in the future.
Here’s the press release with more:
TVS Motor Company, a reputed two-wheeler and three-wheeler manufacturer globally, today 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 urbanisation 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 urbanisation 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. The unique and innovative design philosophy has earned the company multiple awards, including the prestigious Red Dot Award.