Active Stocks
Fri Jun 21 2024 15:59:28
  1. Tata Steel share price
  2. 179.85 -1.37%
  1. ITC share price
  2. 419.60 -0.89%
  1. State Bank Of India share price
  2. 836.40 -0.88%
  1. Wipro share price
  2. 490.55 0.01%
  1. ICICI Bank share price
  2. 1,156.85 0.00%
Business News/ Auto News / TVS Motor acquires Swiss e-mobility group, plans e-cycles across Europe first, India later
BackBack

TVS Motor acquires Swiss e-mobility group, plans e-cycles across Europe first, India later

These e-bikes will be launched in European markets like Switzerland and Germany first
  • Will come to India later this year
  • TVS Motor acquires Swiss e-cycles brand.Premium
    TVS Motor acquires Swiss e-cycles brand.

    TVS Motor Company has today announced the successful acquisition of a 75% stake in the Swiss e-Mobility Group (SEMG).  The acquisition reaffirms TVS Motor 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. The acquisition cost is around $100 million. The remaining 25% will be done later.

    These e-bikes will be launched in European markets like Switzerland and Germany first, and will come to India later as well. 

    SEMG is a 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 million in revenue. 

    The company has a Swiss mobility brands portfolio, including Cilo, Simpel, Allegro, and Zenith. 

    SEMG has physical network and e-commerce platform with two online platforms and 31 physical stores.

    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."

    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."

    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. SEMG has strong omnichannel distribution and aspirational brands, including Cilo, Simpel, and Zenith - Bikes.  I’m excited to enhance the product range further and scale the company in the DACH region and beyond.  I’d like to convey my thanks to CONSTELLATION CAPITAL and Rainer Fröhlich for this foundation which we will build on."

    With a current penetration of approximately 15% of the total bicycle population in Europe and growing at a CAGR of around 18%, the market for the e-bicycle holds significant growth potential.

    The acquisition has been made in an all-cash deal through TVS Motor’s Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd.

    3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

    Catch all the Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 27 Jan 2022, 05:22 PM IST
    Next Story footLogo
    Recommended For You
    Petrochemical Stocks
    ₹9,632.15-0.59%
    ₹5,505.25-0.97%
    ₹2,870.7-1.17%
    ₹12,143.90.2%
    ₹978.1-1.74%