The acquisition is in sync with TVS’ expansion plan across Europe, with penetration of e-bicycles currently at 15 percent.
TVS Motor Company has taken a new step in its overseas expansion plans by acquiring a 75 percent stake in Swiss e-Mobility Group (SEMG). SEMG provides e-mobility solutions within the DACH region (Germany, Austria and Switzerland), operating the largest pure-play e-bike retail chain M-way in Switzerland, with close to $100 million in revenue.
TVS’ latest acquisition is in line with its plans to expand its footprint on a global level. The company is focusing on building a portfolio of premium and technology-driven brands, including Norton Motorcycles and EGO Movement.
SEMG has a prestigious Swiss mobility brands portfolio – including Cilo, Simpel, Allegro and Zenith bikes. By combining its extensive physical network and e-commerce platform with two online platforms and 31 physical stores, SEMG is able to deliver a seamless and world-class customer experience.
“TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years, ” said Venu Srinivasan, chairman, TVS Motor Company “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.”
E-bikes are slowly establishing themselves as the de-facto form of personal mobility in Europe. This is mainly due to their ease of usage, regulatory support and overall perception as a sustainable form of transport. With a current penetration of approximately 15 percent of the total bicycle population in Europe, and growing at a CAGR of 18 percent, the market for the e-bicycle holds significant growth potential.