- TVS Motor Acquires 80% Stake in EGO for $ 17.9 Million
- The company’s immediate focus is to expand its presence in Europe by increasing the number of stores from the current five to 32 by 2025.
TVS Motor Company has acquired Swiss-based electric bicycle manufacturer EGO Movement. TVS Motor reportedly acquired an 80% stake in EGO for $ 17.9 million.
TVS Motor will take an 80% stake in EGO with the aim of generating more than $ 100-150 million over the next three to five years by participating in growing demand for electric bicycles on the European continent. I got it in dollars.
Sudarshan Venu, co-MD of TVS Motor Company, said the partnership with EGO Movement reaffirms TVS Motor Company’s commitment to electrification and the broader sustainability agenda. He added that the EGO movement has a strong presence in Europe, leading customer-centric products, its own omni-channel network and a visionary team. Together, they tackle global urbanization by providing unique e-mobility solutions with e-bicycles and mobility across a wide range of forms.
The company’s immediate focus is to expand its presence in Europe by increasing the number of stores from the current five to 32 by 2025. The company plans to eventually enter the Indian market, but has not defined its timeline.
Sudarshan predicts that this segment will grow strongly in the future, reaching $ 30 billion over the next five years and about $ 7 billion in Europe itself, where TVS wants to participate in the next few years. I added. TVS Motor claims that EGO Movement combines a unique design with innovative software and hardware to provide a differentiated customer experience. With omni-channel networks in Switzerland, Liechtenstein and Germany, there are plans to expand throughout Europe.
https://www.electronicsb2b.com/industry-buzz/tvs-motor-acquires-majority-stake-in-e-bike-company-ego-movement/ TVS Motor acquires a majority stake in the E-Bike Company EGO movement