TVS Motor Company has acquired a 75% stake in the Swiss E-Mobility Group (SEMG). This will be the third company after, Norton Motorcycles and EGO Movement.
In its commitment to further expand into Europe through a portfolio of premium and technology brands, TVS Motor Company has now acquired a 75% stake in the Swiss E-Mobility Group (SEMG). The recent acquisition comes after TVS had recently acquired Norton Motorcycle and EGO Movement.
TVS has targeted the European market because E-bikes have established themselves as the de-facto form of personal mobility due to increased ease of usage, regulatory support, and the general perception as a sustainable form of transport. Currently, e-bikes have penetrated 15% of the European market, and it's witnessing a CAGR of 18%. Thus, e-bikes are witnessing a significant growth potential in the European market.
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Speaking at the event of the acquisition was Mr. Venu Srinivasan, the Chairman of TVS Motor Company. TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years. 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, he said.
SEMG complements our acquisitions of Norton Motorcycles and EGO Movement and strengthens our commitment to environmental sustainability. We offer our customers a compelling portfolio of technologically advanced and environmentally friendly products, said, Sir Ralph Speth, Chairman designate of TVS Motor Company.
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Also present at the occasion was the Managing Director of TVS Motor Company, Mr. Sudarshan Venue. He further revealed how SEMG has strong omnichannel distribution and aspirational brands, including Cilo, Simpel, and Zenith - Bikes. Im excited to enhance the product range further and scale the company in the DACH region and beyond.
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