TVS Motor enters Europe’s e-bike market, acquires Swiss company EGO Movement
TVS Motor picked up 80% stake in EGO for $17.9 million with an eye on generating over $100-150 million dollars in the next three to five years by participating in growing demand for e-bikes in the European continent.
Sudarshan Venu, Joint MD, TVS Motor Company, said, the partnership with EGO Movement reaffirms TVS Motor Company’s commitment towards electrification and the broader sustainability agenda.
“We are building a strategic personal e-mobility ecosystem by scaling unique brands which share our vision of delivering compelling customer experience benchmarks through cutting-edge, aspirational products. EGO Movement has a strong presence in Europe with customer-centric products, a unique omnichannel network and a visionary team at its helm. Together, we will address global urbanisation by delivering unique e-mobility solutions with e-bicycles and mobility across a diversity of forms,” added Sudarshan.
EGO Movement is a profitable company with sales of about 3500 units in 2020 generating revenues of $6 million, which TVS wants to double to $10-12 million within a year.
The immediate focus of the company is to expand presence in Europe by taking the number of stores to 32 by 2025 from current 5 stores. The company does plan to expand into the Indian market eventually, but did not define the timeline for the same.
Sudarshan says that the segment is poised for a strong growth in the future and is expected to touch $30 billion in the coming five years and almost $7 billion in Europe itself, which TVS want to participate in the coming years.
This acqusition will further expand presence of TVS Motor in Europe, post the Norton Motorcycles buy last year.
Led by the co-founder’s Daniel Meyer and Marie So, EGO Movement is a Swiss technology company providing wide range of mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters.
TVS Motor claims, EGO Movement combines unique designs with innovative software and hardware to deliver a differentiated customer experience. It has an omnichannel network across Switzerland, Liechtenstein and Germany with plans to expand across Europe, combining the best of strategically located stores with a seamless online experience.