This is the second major acquisition for TVS in Europe after Norton Motorcycles, and will target the sustainable personal mobility solutions segment.
see photosTVS Chairman Sir Ralph Speth with Joint MD Sudarshan Venu, Daniel Meyer and Mary So
TVS Motor Company, through its Singapore subsidiary, TVS Motor (Singapore) Pte Ltd, has announced a partnership with EGO Movement as a majority shareholder in a cash deal for an undisclosed amount. The latest acquisition underscores the company’s strategy for global expansion. Presence in developed markets starting with Europe, which serves as the center of the e-bike mobility landscape. The acquisition of majority stake in EGO Movement is the second major acquisition for TVS Motor Company in Europe after Norton Motorcycles.
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Led by co-founders Daniel Meyer and Marie So, eGO Movement is a Swiss technology company that provides innovative mobility solutions through a portfolio of e-bikes, e-cargo bikes and e-scooters. The company has an omni-channel network in Switzerland, Liechtenstein and Germany, with plans to expand across Europe, combining the best of strategically located stores with a seamless online experience.
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TVS iQube is the company’s electric scooter in the domestic market. With the acquisition of EGO Movement, TVS will be eyeing the European electric mobility segment.
Speaking on the occasion, Sudarshan Venu, Joint Managing Director, TVS Motor Company said, “The partnership with EGO Movement reaffirms TVS Motor Company’s commitment towards electrification and a comprehensive sustainability agenda. We are creating a strategic individual e by unparalleled scaling up. – Building a mobility ecosystem. Brands that share our vision of delivering engaging customer experience benchmarks through cutting-edge, aspirational products. We have a strong presence with a visionary team at the helm. Together, we will address global urbanization by providing unique e-mobility solutions with e-bicycles and mobility in various forms.”
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Daniel Meyer, Co-Founder and CEO of EGO Movement, commented, “As a Swiss-based strongly mission-driven company, we are excited to have teamed up with such a highly respected global partner and industry leader. Our Team Company We are fully committed to take E-mobility to the next step. We are confident that along with TVS Motor Company, we are committed to following our mission of green way of e-mobility by focusing on further development of EGO movement. Will be able to create more value for partners and customers.
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The product portfolio of EGO Movement is focused on delivering sustainable products with latest technology and stylish designs. The unique and innovative design philosophy has earned the company several awards including the prestigious Red Dot Award. EGO Movement’s electric two-wheeler products use a powerful battery mounted on the frame, and offer a comfortable upright riding position with a powerful mid-motor, a torque sensor, USB port on a removable lithium-ion battery, and an LED light. come along. Switch on in the evening. With this acquisition, TVS Motor Company will target the European market with customer centric bike designs and products, and will also provide exposure and exposure to the product development and strategy of an established electric vehicle manufacturer.
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