Thursday, February 29, 2024
HomeTurbinebdTVS acquires major stakes of Swiss E-Mobility Group

TVS acquires major stakes of Swiss E-Mobility Group

TVS Motor Company (TVS) is an Indian Multinational Automotive company that is well known for their motorcycles and scooters. Headquartered in Chennai, India, the company has an annual sales of three million units. TVS Motor Company is also the second largest two-wheeler exporter in India with exports to over 60 countries.

TVS Auto Bangladesh Limited started the journey in Bangladesh in the year 2007. After running their business for seven years, it became the 2nd highest seller of two wheelers in Bangladesh. TVS Auto Bangladesh Limited is a joint venture company with T V Sundram Iyenger & Sons Ltd., India and Rian Motors Ltd. TVS Group was established in 1911 by Shri. T.V. Sundaram lyenger. As one of India’s largest industrial entities it epitomizes Trust, Value and Service.

Recently TVS bought one of the largest e-bike companies in Europe to capture the electric bicycle market

TVS has announced the acquisition of Swiss E-Mobility Group, one of Europe’s largest electric bike makers. On the last Thursday of January, TVS reported that it had acquired a 75% stake in SEMG through a Singaporean affiliate (TVS Motor Singapore).

As part of the move to globalize its overall Electric vehicle the Chennai based TVS Motor Company has acquired three fourth of the Swiss E-Mobility Group for USD 100 million. SEMG will enter India during the second half of the year.

The acquisition reasserted TVS Motor Company’s commitment to expand in Europe through leading brands who already have made a name in the tech market, including Norton Motorcycles and EGO Movement, which were recently acquired by the company. TVS Motor had bought 80 per cent stake in EGO Movement for $17.9 million in September 2021.

Over the past few years the presence of a world ending pandemic played a key role in increasing the demand for two wheelers. Combined with the rise in environmental awareness and huge spikes in fuel prices the demand for electric automobiles have been through the roof. Many prefer electric bikes to avoid public transport as it provides the main advantages of mobility without being crammed in buses, stuck in traffic and also maintaining the government mandate of being six feet apart.

Venus Srinivasan, Chairman, TVS Motor Company, said, “We have always been committed to sustainability and have been investing in electric vehicles for over 10 years. The growing importance of the environment and personal well-being is accelerating the demand for new mobility solutions And TVS is investing in leading the way. ” after their acquisition of Swiss E-Mobility Group, SEMG.



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