The Indian multinational automotive TVS Motor Company said on Thursday that it has purchased a 75% controlling share in the Swiss E-Mobility Group (SEMG). This would help the Indian two-wheeler maker in expanding its market share in Europe. SEMG is also the latest member to TVS's list of purchased companies. Previously, the indigenous two-wheeler firm purchased Norton Motorcycles and EGO Movement.
SEMG is a leading developer of e-mobility solutions in the DACH area.
E-bikes are made by this business. It also owns M-way, a pure-play e-bike retailer in Switzerland with a revenue of nearly $100 million. Cilo, Simpel, Allegro, and Zenith are among the Swiss mobility brands in the company's portfolio.
With this acquisition, TVS seem to be attempting to break into the electric bicycle market, which has seen significant expansion in recent years as a result of the growing focus on green mobility. Because of the Li-ion batteries, electric bicycles are noted for having a long range.
TVS Motor Company chairman Venu Srinivasan stated in a statement announcing the acquisition that the company is devoted to sustainability and has been investing in electric vehicles for over 10 years. "Global concern on the environment and personal well-being is fast boosting demand for new mobility solutions, and TVS Motor is investing to promote this change," he said.
Ralf Speth, Chairman designate of TVS Motor Business, reacted on the decision, saying that the company aspires to be at the forefront of global e-personal mobility. "SEMG strengthens our commitment to environmental sustainability by complementing our purchases of Norton Motorcycles and EGO Movement. We provide a diverse range of technologically innovative and environmentally safe products to our customers "He said.