TVS Motor Company has announced that the Indian two-wheeler giant has acquired 75 per cent stake in Swiss E-Mobility Group (SEMG), Switzerland's largest e-bike player. According to TVS, the acquisition has been made in an all-cash deal of an undisclosed amount through TVS Motor's Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd. SEMG is market-leading provider of e-mobility solutions within the DACH region, operating the largest pure-play e-bike retail chain M-way in Switzerland with close to $100 milion in revenue. The company has a prestigious Swiss mobility brands portfolio, including Cilo, Simpel, Allegro, and Zenith Bikes.
Also Read: TVS, BMW Announce Joint Development Of EVs
In December 2021, TVS Motor and BMW Motorrad announced an extension of their cooperation to include joint development of future technologies and EVs.
By combining its extensive physical network and e-commerce platform with two online platforms and 31 physical stores, SEMG is able to deliver a seamless and world-class customer experience, TVS said. According to TVS Motor Company, the latest acquisition reaffirms the company's commitment to expansion in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired.
Also Read: TVS Signs MoU With Swiggy To Promote Electric Two-Wheelers
TVS Motor Company has the iQube electric scooter in its product line-up. More electric two-wheelers for the domestic market are also expected in future.
Announcing the latest acquisition, 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."
Speaking on the occasion, Sir Ralf Speth, Chairman designate, TVS Motor Company, said, "TVS Motor is committed to being 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 environment friendly products."
Also Read: Ultraviolette Automotive Raises Undisclosed Series C Investment From TVS, Zoho Corporatipon
Sudarshan Venu, Joint Managing Director, TVS Motor Company, said, "This acquisition furthers TVS Motor's commitment towards e-personal mobility products. We are strengthening our presence in the rapidly growing e-bikes segment."
TVS Motor Company is one of India's leading two-wheeler manufacturers, and is the second largest exporter of two-wheelers from India. The company has been increasing focus on the electric vehicle segment in recent years, and also has the TVS iQube electric scooter in its product portfolio. Last month, TVS Motor Company and BMW Motorrad announced extending and expanding their long-term partnership with the joint development of future technologies and EVs. TVS has also invested in home-grown electric motorcycle start-up Ultraviolette Automotive, and has recently announced a partnership with Swiggy to promote use of TVS iQube electric scooters.
