The Indian automotive multinational TVS Motor Company announced on Thursday that it had acquired a majority stake of 75% in the Swiss group E-Mobility (SEMG). This would help the Indian two-wheeler manufacturer to expand its market share in Europe. SEMG is also the latest member of the list of companies purchased by TVS. Previously, the indigenous two-wheeler company bought Norton Motorcycles and EGO Movement.
SEMG is one of the leading developers of e-mobility solutions in the DACH domain.
Electric bikes are manufactured by this company. He also owns M-way, a pure play e-bike retailer in Switzerland with sales of nearly $100 million. Cilo, Simpel, Allegro and Zenith are among the Swiss mobility brands in the company’s portfolio.
With this acquisition, TVS appears to be attempting to break into the e-bike market, which has seen significant expansion in recent years due to the growing focus on green mobility. Due to Li-ion batteries, e-bikes are famous for their long range.
TVS Motor Company Chairman Venu Srinivasan said in a statement announcing the acquisition that the company has been dedicated to sustainability and investing in electric vehicles for more than 10 years. “Global concern for the environment and personal well-being is rapidly driving demand for new mobility solutions, and TVS Motor is investing to drive this change,” he said.
Ralf Speth, president-elect of TVS Motor Business, reacted to the decision, saying the company aspires to be at the forefront of global electronic personal mobility. “SEMG reinforces our commitment to environmental sustainability by completing our purchases of Norton Motorcycles and EGO Movement. We provide a diverse range of technologically innovative and environmentally friendly products to our customers,” he said.
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This bike is available at low cost high mileage