TVS Teams Up With Electric Bike Company Ego Movement
Hosur-based bikemaker TVS has acquired a majority stake in the Swiss electric bicycle company EGO Movement
- With the acquisition, TVS is eyeing developed markets to offer sustainable personal mobility with electric bikes.
- The all-cash deal was done through TVS' Singapore subsidiary.
- Ego Movement currently offers a range of hardtail electric bicycles.
- Expect TVS to introduce electric bicycles in India, perhaps next year or in 2023.
TVS has made an all-cash deal through its Singapore subsidiary, TVS Motor (Singapore) Pte Ltd., acquiring a majority stake in Swiss electric bicycle maker Ego Movement. With the partnership, TVS intends to bring out aspirational and sustainable products for personal mobility (read e-bikes) for developed markets, starting with Europe.
Ego Movement has its presence in Germany, Liechtenstein, and Switzerland, offering hardtail electric bicycles in three ranges: Classic 25, Explorer 25, and City 25. All three feature LED headlamp and tail lamp, removable lithium-ion battery pack, USB port, and disc brakes at both ends.
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.”
Venu 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.”
This isn’t the first time TVS has partnered with electric vehicle manufacturers. In fact, the company has been working with Bengaluru-based startup Ultraviolette for a few years now. In 2017, the Hosur-based bike maker acquired an almost 15 percent stake in Ultraviolette, and then in September 2020, increased that to 29.48 percent with an additional Rs 30 crore investment. Ultraviolette is all set to launch its F77 electric bike in India, real soon.
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Now that TVS has joined hands with the e-bike company, we wouldn’t be surprised if the bikemaker introduces something similar in India, perhaps next year or in 2023. After all, the electric bicycle segment has been booming of late as they are more affordable than some low-speed electric scooters and also serve as a healthier and greener mode of transportation.