NEW DELHI: Chennai-based TVS Motor Company has acquired 80% stake in Swiss electric bicycle and personal mobility company EGO Movement for around $18 million. This marks the 2-wheeler and 3-wheeler manufacturer’s entry into the personal e-mobility business.
This is also TVS’ second major acquisition in Europe after taking over Norton Motorcycles in July 2020. TVS said the acquisition reiterates the company’s strategy to expand its global presence in developed markets, commencing with Europe, which serves as the heart of the e-bike mobility landscape.
Led by the co-founders Daniel Meyer and Marie So, EGO Movement is a Swiss technology company providing mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters. It has an omnichannel network across Switzerland, Liechtenstein and Germany with plans to expand across Europe. Back in home, TVS on Thursday launched its new product TVS Raider at a starting at a price of Rs 77,500 (ex-showroom, Delhi).