TVS Motor Company enters the personal electric mobility sector with a majority stake in the EGO movement of the European electric bike brand
– Exploit sustainable personal mobility solutions with electric bikes
– Occupies the European market with customer-centric bicycle designs, products and a unique omnichannel network
– Second major acquisition in Europe after Norton Motorcycles
SINGAPORE, September 17, 2021 – (ACN Newswire) – TVS Motor Company, a reputable manufacturer of two-wheelers and three-wheelers in the world, today announced a partnership with EGO Movement as majority shareholder, in the under a cash arrangement through its Singapore subsidiary TVS Motor (Singapore) Pte Ltd. The partnership is in line with TVS Motor Company’s commitment to create an ambitious product portfolio while fostering sustainable and scalable brands. It also reiterates the company’s strategy to expand its global presence in developed markets, starting with Europe, which forms the heart of the e-bike mobility landscape.
Left to Right – (LR) Sir Ralf Speth, Board of Directors, TVS Motor Company; Mr. Sudarshan Venu, Deputy General Manager, TVS Motor Company; Mr. Daniel Meyer and Ms. Marie So (Co-founders, EGO Movement)
Led by co-founders Daniel Meyer and Marie So, EGO Movement is a Swiss technology company that offers innovative mobility solutions through a portfolio of electric bikes, electric cargo bikes and electric 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 expansion plans across Europe, combining the best of strategically located stores with a seamless online experience.
Speaking on occasion, Mr. Sudarshan Venu, Deputy General Manager, TVS Motor Company, noted, “The partnership with EGO Movement reaffirms TVS Motor Company’s commitment to electrification and the broader sustainability agenda.
We are building a strategic personal electric mobility ecosystem by developing unique brands that share our vision of delivering compelling customer experience credentials through cutting-edge and ambitious 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 tackle global urbanization by delivering unique electric mobility solutions with e-bikes and mobility in various forms. “
Mr. Come added: “This is also an important step in our journey to increase our presence in Europe, with the acquisition of Norton Motorcycles last year and now the launch of the personal electric mobility platform.
Over the past decade, the personal mobility landscape has changed dramatically along with the global sustainability agenda, increasing urbanization and advancements in battery technology. The global pandemic has also become a key catalyst for accelerating adaptation to personal mobility. The e-bike market has been at the forefront of innovation in personal mobility, with new business models and technologies rapidly evolving with global trends. Various sub-segments have also emerged to meet evolving customer needs – ranging from city bikes for commuting to mountain bikes for adventures or cargo bikes for hauling loads or people.
Co-founder and CEO of EGO Movement, Daniel Meyer, commented, “As a highly mission-driven Swiss company, we are delighted to team up with such a highly respected global partner and industry leader. Our team is fully committed to taking the business to the next phase. We are confident that with TVS Motor Company we will be able to create more value for all partners and customers of EGO Movement by focusing on future growth by following our mission in a greener way. -mobility.”
EGO Movement’s product portfolio is focused on providing sustainable products with the latest technology and stylish designs. A powerful battery is harmoniously integrated into the frame, the ergonomic design of which allows a comfortable upright sitting position. In addition, with technical refinements such as a powerful mid-engine including a torque sensor, a USB port on the removable lithium-ion battery and an LED light that automatically turns on at dusk. The unique and innovative design philosophy has earned the company numerous awards, including the prestigious Red Dot Award.
About TVS Motor Company
TVS Motor Company is a reputable two- and three-wheeler manufacturer and is the flagship company of the $ 8.5 billion TVS group. We believe in promoting progress through mobility. Rooted in our 100-year heritage of customer trust, value and passion and accuracy, we pride ourselves on manufacturing the highest quality internationally aspirated products through innovative and sustainable processes. We strive to deliver the most superior customer experience to all of our touchpoints in 70 countries. We are the only two-wheeler company to have received the prestigious Deming Prize. Our products have been leading in their respective categories in the JD Power IQS and APEAL surveys for five years. We have been ranked # 1 in the JD Power Customer Service Satisfaction Survey for four consecutive years. For more information, please visit www.tvsmotor.com.
About the EGO movement
Innovative technology, excellent designs, ten own stores in Switzerland and Germany, as well as a complete service: the mission of EGO Movement is the e-evolution of mobility. Whether e-bikes, e-cargo bikes, electric scooters or smart grids with its own software platform – as a Swiss technology company and manufacturer of technically mature products for high mobility solutions quality, EGO Movement guarantees more individual freedom and contributes to more sustainability as well as environmental protection and above all offers an excellent driving experience. https://egomovement.com/de/de/
Namrata Sharma – [email protected]
Neha Chaturvedi – [email protected]
Source: TVS Motor Company
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