TVS Ventures Into Personal E-Mobility Business With EGO Movement; All-Cash Deal Through Its Subsidiary

TVS Motor Company ventures into personal e-mobility business with EGO Movement. The news comes after TVS Motor Company announced its partnership with the European e-bike brand EGO Movement.

In the announced partnership, TVS Motor Company came out as the majority stakeholder through an all-cash deal via its Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd.

According to TVS, the new partnership is in line with the company's commitment to building an "aspirational product portfolio while nurturing sustainable and scalable brands". Along with this, TVS Motor Company reiterated the company's strategy to expand its global presence in developed markets, starting with Europe.

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 omnichannel 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."

He further added, "It is also an important milestone in our journey to grow our presence in Europe, with the Norton Motorcycles acquisition last year and now the launch of the personal e-mobility platform."

According to TVS Motor Company, the personal mobility industry has evolved significantly and the global pandemic acted as a catalyst in promoting the adoption of personal mobility. Adding to this point, TVS MotorCompany said that the e-bike market is at the front of personal mobility.

The EGO Movement calls itself a Swiss technology company and manufacturer of technically mature products for high-quality mobility solutions. The company focuses on e-mobility and involves itself in e-bikes, e-cargo, e-scooters or smart networking.

Ego Movement's portfolio involves many unique and innovative design philosophies that have earned the company numerous awards, including the prestigious Red Dot Award.

At present, all models in the EGO Movement's portfolio have a powerful battery, a mid-mounted electric motor with a torque sensor, and a LED lighting system that turns on automatically as the visibility reduces at dark.

Commenting on the partnership, Daniel Meyer, Co-founder and CEO of EGO Movement said, "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."

Thoughts About The Partnership Between TVS Motor Company & EGO Movement

As TVS Motor Company ventures into personal e-mobility business with EGO Movement, it is a hint that the Indian company is gearing up for a radical change in personal mobility.

As already we have seen that many last-mile delivery businesses in India have already shifted to e-mobility, and TVS knows it is only a matter of time before the "e-revolution" hits the country.

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Article Published On: Friday, September 17, 2021, 19:43 [IST]
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