TVS Motor Company enters the personal electric mobility sector with a majority stake in the European e-bike brand EGO Movement
TVS Motor Company, a reputable manufacturer of two-wheelers and three-wheelers in the world, today announced a partnership with EGO Movement as the majority shareholder, in a cash deal through its subsidiary of Singapore 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.
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, 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 the occasion, Mr. Sudarshan Venu, Deputy Managing Director of TVS Motor Company, said: “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 scaling up 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. Venu 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 Emobility 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.
EGO Movement Co-Founder and CEO Daniel Meyer commented: “As a highly mission-driven Swiss company, we are delighted to team up with such a 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 EGO Movement partners and customers by focusing on future growth by continuing our mission of greener electric 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.
The shares of TVS Motor Company Ltd. Last traded in the BSE at Rs. 545.05 from the previous close of Rs. 547.75. The total number of shares traded during the day was 43,100 in more than 1,395 trades.
The stock hit an intraday high of Rs. 552.35 and an intraday low of 544. Net turnover during the day was Rs. 23,604,751.