After Norton Motorcycles and EGO Movement, SEMG turns into TVS Motor Company’s newest acquisition.
TVS Motor Company on Thursday has introduced that it has acquired a 75 per cent controlling stake within the Swiss E-Mobility Group (SEMG), which is the largest electric bike company in Switzerland. This will assist the Indian two-wheeler producer to strengthen its maintain within the European market.
Also, SEMG turns into the newest addition to the checklist of corporations acquired by TVS. The homegrown two-wheeler model additionally acquired Norton Motorcycles and EGO Movement beforehand.
(Also Read: Top-selling scooters final month – Honda Activa to Suzuki Access)
SEMG is likely one of the main e-mobility options throughout the DACH area. The company manufactures e-bikes. It additionally owns the pure-play e-bike retail chain M-way in Switzerland with near $100 million in income. The company additionally has a Swiss mobility manufacturers portfolio that features Cilo, Simpel, Allegro, and Zenith.
With this acquisition, TVS appears to be aiming to faucet into the electric bicycle phase that has been witnessing main progress within the final couple of years owing to the elevated give attention to inexperienced mobility. Electric bicycles are recognized for providing an prolonged vary due to the Li-ion batteries.
Announcing the acquisition, TVS Motor Company chairman Venu Srinivasan mentioned that TVS Motor is dedicated to sustainability and has been investing in electric autos for over ten 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 additional added.
Speaking on the transfer, Ralf Speth, Chairman designate, TVS Motor Company, mentioned that the company aims to be on the forefront of e-personal mobility globally. “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,” he additional added,.
First Published Date: 27 Jan 2022, 05:30 PM IST