TVS Acquires 75 Percent Stake In Swiss e-Mobility Group AG
Expanding its global footprint, the TVS Motor Company has acquired 75 percent stakes in Switzerland’s largest electric bicycle conglomerate, the Swiss E-Mobility Group (SEMG). The remaining 25 percent stake will be acquired by the end of the year. Earlier, the homegrown maker has also bought a majority stake in Switzerland’s EGO Movement.
For those who aren’t aware, the Swiss E-Mobility Group is one of the foremost providers of e-mobility solutions within the DACH region (Germany, Austria, and Switzerland) that houses traditional Swiss bicycle brands such as Allegro, Cilo, Simpel, ELFEi, and Zenith. It has 31 physical stores in Europe, along with an e-commerce platform and two online platforms. With revenue over $100 million, it operates the largest pure-play e-bike retail chain M-way in Switzerland.
Commenting on the occasion, 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.
This acquisition will help TVS in strengthening its global presence. It will also aid in building a solid base in the fast-growing electric mobility space. The brand will also launch key e-bike brands from the Swiss E-Mobility Group in India in the second half of this year.
In the other news, the brand has also partnered with BMW Motorrad in December 2021 to jointly develop new platforms and future technologies, including Electric Vehicles (EVs).