TVS Motor Company has announced a partnership with EGO Movement, as a majority shareholder, in an all-cash deal of an undisclosed amount through its Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd. The latest acquisition underscores the company's strategy to expand its global presence in developed markets, commencing with Europe, which serves as the heart 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 providing innovative mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters. The company has an omni-channel network across 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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The TVS iQube is the company's electric scooter in the domestic market. With the EGO Movement acquisition, TVS will eye 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 the broader sustainability agenda. We are building a strategic personal e-mobility ecosystem by scaling unique brands which share our vision of delivering compelling customer experience benchmarks through cutting-edge, aspirational products. EGO Movement has a strong presence in Europe with customer-centric products, a unique omni-channel network and a visionary team at its helm. Together, we will address global urbanisation by delivering unique e-mobility solutions with e-bicycles and mobility across a diversity of forms."
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Co-founder and CEO of EGO Movement, Daniel Meyer, commented "As a Swiss based strongly mission-driven company, we are excited to be teaming up such a highly respected global partner and industry leader. Our team is fully committed to taking the company to the next phase. We are confident that together with TVS Motor Company, we will be able to create more value for all partners and customers of EGO Movement focusing on further growth by following our mission of a greener way of e-mobility."
EGO Movement's product portfolio focuses on delivering sustainable products with the latest technology and stylish designs. The unique and innovative design philosophy has earned the company multiple awards, including the prestigious Red Dot Award. EGO Movement's electric two-wheeler products use a powerful battery mounted on the frame, and come with comfortable upright riding positions, with a powerful mid-motor, a torque sensor, USB port on the removable lithium-ion battery and a LED light that automatically switches on at dusk. With this acquisition TVS Motor Company will target the European market with customer-centric bike designs and products, and will also give exposure and know-how to an established electric vehicle manufacturer's product development and strategy.
