TVS Motor Company Forays Into the Personal E-Mobility Business With a Majority Stake in European E-Bike Brand EGO Movement

  • General

SINGAPORE, Sept 17, 2021 – (ACN Newswire) – TVS Motor Company, a reputed two-wheeler and
three-wheeler manufacturer globally, today announced a partnership with EGO
Movement as a majority shareholder, in an all-cash deal through its Singapore
Subsidiary TVS Motor (Singapore) Pte Ltd. The partnership is in line with TVS
Motor Company’s commitment to building an aspirational product portfolio while
nurturing sustainable and scalable brands. It also reiterates the company’s
strategy to expand its global presence in developed markets, commencing with
Europe, which serves as the heart of the e-bike mobility landscape.

Led by the co-founders Daniel Meyer and Marie So, EGO Movement is a
Swiss technology company providing innovative mobility solutions through a portfolio
of e-bikes, e-cargo bikes, and e-scooters. The company 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.

Speaking on the occasion, Mr. Sudarshan Venu, Joint Managing Director, 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.”

Mr. Venu further added, “It is also an important milestone in
our journey to grow our presence in Europe, with the Norton Motorcycles
acquisition last year and now the launch of the personal e-mobility platform.”

Over the past decade, the personal mobility landscape has evolved
significantly with the global sustainability agenda, increasing urbanisation and
advancement in battery technology. The global pandemic also became a key
catalyst in accelerating the adaption to personal mobility. The e-bike market
has been at the forefront of personal mobility innovation, with new business
models and technologies advancing rapidly with global trends. Various
sub-segments have also emerged to cater to customers’ evolving needs – ranging from city
bikes for daily commute to mountain bikes for adventures or cargo bikes for
carrying loads or people.

Co-founder
and CEO of EGO Movement, Daniel Meyer,
commented “As a Swiss based strongly
mission-driven company, we are excited to be teaming up such a highly respected
global partner and industry leader. Our team is fully committed to taking the
company to the next phase. We are confident that together with TVS Motor
Company, we will be able to create more value for all partners and customers of
EGO Movement focusing on further growth by following our mission of a greener
way of e-mobility.”

EGO Movement’s product portfolio focuses on delivering sustainable products
with the latest technology and stylish designs.. A powerful battery is blended
harmoniously into the frame, whose ergonomic design allows for a comfortable
upright sitting position. In addition, with technical refinements such as a
powerful mid-motor including a torque sensor, a USB port on the removable
lithium-ion battery and an LED light that automatically switches on at dusk. The unique and innovative design philosophy has
earned the company multiple awards, including the prestigious Red Dot Award.

About TVS
Motor Company

TVS Motor Company is a reputed two and three-wheeler manufacturer and is the flagship
company of the USD 8.5 billion TVS Group. We believe in Championing Progress
through Mobility. Rooted in our 100-year legacy of Trust, Value, and Passion
for Customers and Exactness, we take pride in making internationally
aspirational products of the highest quality through innovative and sustainable
processes. We endeavour to deliver the most superior customer experience
at all our touch points across 70 countries. We are the only two-wheeler
company to have received the prestigious Deming Prize. Our products lead in
their respective categories in the J.D. Power IQS and APEAL surveys for five
years. We have been ranked No. 1 Company in the J.D. Power Customer
Service Satisfaction Survey for consecutive four years. For more information,
please visit www.tvsmotor.com.

About EGO Movement

Innovative technology, excellent designs, ten own stores in Switzerland and Germany, as
well as extensive service: EGO Movement’s mission is the e-volution of
mobility. Whether e-bikes, e-cargo bikes, e-scooters or smart networking with
its own software platform – as a Swiss technology company and manufacturer of
technically mature products for high-quality mobility solutions, EGO Movement ensures more individual freedom and makes
a contribution to more Sustainability as well as environmental protection and
above all offers a great driving experience. https://egomovement.com/de/de/

Media contacts:

Namrata Sharma – [email protected]

Neha Chaturvedi – [email protected]


Topic: Press release summary

Source: TVS Motor Company

Sectors: Retail & eCommerce, Daily Finance, Local Biz, Motorsports, EVs, Transportation

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