TVS Motor Company has acquired a majority stake in the Swiss electric bicycle brand EGO Movement.
TVS Motor (Singapore) acquired an 80% stake in EGO for some 16.6 million Swiss francs (INR 1.31 billion / $ 18 million). The move will see TVS plunge into the personal electric mobility space, said a Sept. 16 regulatory filing.
Based in switzerland EGO movement manufactures electric scooters, electric bikes and e-cargo bikes. The company has an omnichannel network across Switzerland, Liechtenstein and Germany, with plans to expand across Europe.
âThe partnership with EGO Movement reaffirms TVS Motor Company’s commitment to electrification and the broader sustainability agenda,â TVS Joint Managing Director Sudarshan Venu said in the statement. âWe are building a strategic and personal electric mobility ecosystemâ¦ EGO Movement has a strong presence in Europe with customer-centric products, a unique omnichannel network and a visionary team at its head,â he added.
In pursuit of growth
TVS intends to grow EGO’s revenue exponentially over the next five years to $ 100 million to $ 150 million, Venu told reporters at a virtual press conference Thursday.
“This year, we expect the (EGO Movement) revenue to double to 10 million Swiss francs,” the Press Trust of India said citing in its report published on the Outlook website.
TVS Motor Company has a market capitalization of INR 258.71 billion on the National Stock Exchange. The company’s stock has gained around 11% so far this year, to INR544.55.
Earlier today, the three-wheeler, motorcycle and scooter maker unveiled its latest motorcycle platform, when it rolled out the all-new Raider 125cc bike, according to a stock market declaration. With a price set at INR 77,500 (ex-showroom, Delhi), the frugal Raider will be sold abroad, TVS said.
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