TVS aims electric bicycle market, acquires Switzerland's largest e-bike company
TVS Motor Company on Thursday has announced that it has acquired a 75 per cent controlling stake in the Swiss E-Mobility Group (SEMG), which is the largest electric bike company in Switzerland. This will help the Indian two-wheeler manufacturer to strengthen its hold in the European market. Also, SEMG becomes the latest addition to the list of companies acquired by TVS. The homegrown two-wheeler brand also acquired Norton Motorcycles and EGO Movement previously.
SEMG is one of the leading e-mobility solutions within the DACH region. The company manufactures e-bikes. It also owns the pure-play e-bike retail chain M-way in Switzerland with close to $100 million in revenue. The company also has a Swiss mobility brands portfolio that includes Cilo, Simpel, Allegro, and Zenith.
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With this acquisition, TVS seems to be aiming to tap into the electric bicycle segment that has been witnessing major growth in the last couple of years owing to the increased focus on green mobility. Electric bicycles are known for offering an extended range thanks to the Li-ion batteries.
Announcing the acquisition, TVS Motor Company chairman Venu Srinivasan said that TVS Motor is committed to sustainability and has been investing in electric vehicles for over ten 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," he further added.
Speaking on the move, Ralf Speth, Chairman designate, TVS Motor Company, said that the company aims to be at the forefront of e-personal mobility globally. "SEMG complements our acquisitions of Norton Motorcycles and EGO Movement and strengthens our commitment to environmental sustainability. We offer our customers a compelling portfolio of technologically advanced and environmentally friendly products," he further added,.