TVS Motor Company on September 17 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, said a press release, 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, added the release.
Led by the co-founders Mr Daniel Meyer and Ms 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.
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.”
Mr 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.”