TVS-Swiss E-Mobility Group partnership will give the Indian firm a strong foothold in the European bicycle market…
TVS Motor have announced their acquisition of 75% stake in Swiss E-Mobility Group (SEMG) which marks another step of their expansion in Europe since acquiring Norton Motorcycles and EGO Movement.
The Swiss E-Mobility Group (SEMG) is a market-leading provider of e-mobility solutions within the DACH region. The DACH region in Europe consists of Germany (D), Austria (A) and Switzerland (CH).
SEMG operates the largest pure-play e-bike retail chain ‘M-way’ in Switzerland and generates nearly $100M in revenue. The company boasts various successful Swiss mobility brands including Cilo, Simpel, Allegro, and Zenith Bikes and functions through 2 e-commerce platforms and 31 physical stores.
This is TVS’ third acquisition, Norton Motorcycles and EGO Movement being the other two, and have shared their intention and commitment of expanding in the European region and gaining technological advancement from these established brands. This acquisition has been made through an All-Cash Deal through TVS Motor’s Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd.
TVS is eyeing the E-bikes market which is very popular in the European region. Electric Bicycles have gained a huge popularity among the European population as they are easy to use, have significant regulatory support and have gained an overall perception as a sustainable form of transport.
This trend is also evident in the fact that E-bikes garners 15% of the total bicycle population in Europe and is growing at a rate of nearly 18% annually. And TVS is aiming to capitalize on this growth and establish themselves as E-mobility leaders in Europe.
Announcing the acquisition, Mr. 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.”
This new development will open doors for Electric Bicycles to finally make their entrance in India. During the pandemic, many Indians have realized the value of exercise & importance of better health and have taken up cycling in masses as a form of exercise.
TVS will definitely leverage this novel trend and introduce these E-bikes which will also take up the role of personal mobility solutions for the Indian population.