TVS targets e-bike market and acquires Switzerland’s largest e-bike company

After Norton Motorcycles and EGO Movement, SEMG becomes the latest acquisition of TVS Motor Company.

Through HT automatic office
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Updated:
Jan 27, 2022, 5:50 PM

TVS holds 75% of the capital of SEMG.

TVS Motor Company announced on Thursday that it has acquired a 75% majority stake in Swiss E-Mobility Group (SEMG), which is the largest e-bike company in Switzerland. This will help the Indian two-wheeler manufacturer to strengthen its hold on the European market.

Also, SEMG becomes the latest addition to the list of companies acquired by TVS. The local two-wheeler brand also previously acquired Norton Motorcycles and EGO Movement.

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SEMG is one of the leading e-mobility solutions in the DACH region. The company manufactures electric bicycles. He also owns the M-way e-bike retail chain in Switzerland, with sales of nearly $100 million. The company also has a portfolio of Swiss mobility brands that includes Cilo, Simpel, Allegro and Zenith.

With this acquisition, TVS appears to be aiming to tap into the e-bike segment which has seen significant growth over the past couple of years due to the increased focus on green mobility. E-bikes are known to offer extended range thanks to Li-ion batteries.

Announcing the acquisition, TVS Motor Company Chairman Venu Srinivasan said that TVS Motor is committed to sustainability and has been investing in electric vehicles for more than a decade. “The growing global focus on the environment and personal well-being is rapidly accelerating demand for new mobility solutions, and TVS Motor is investing to drive this change,” he added.

Speaking on the move, Ralf Speth, president-elect of TVS Motor Company, said the company aims to be at the forefront of electronic personal mobility globally. “SEMG complements our acquisitions of Norton Motorcycles and EGO Movement and reinforces our commitment to environmental sustainability. We offer our customers a compelling portfolio of technologically advanced and environmentally friendly products,” he added.

Date of first publication: January 27, 2022, 5:30 PM IST

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