TVS and EGO Movement aim to deliver unique e-mobility solutions with e-bicycles and mobility across a diversity of forms
TVS Motor Company has bought a major stake in EGO Movement, a Europe based electric bicycle brand and thus made its foray into the electric mobility business. The deal was conducted through TVS’ Singapore subsidiary and is in coherence with the Hosur-based company’s to expand its footprint in the international markets, especially across the developed nations.
With Europe being a major player in the electric bike space, TVS does fancy the opportunity with the EGO Movement. Sudarshan Venu, Joint Managing Director, TVS Motor Company, said that the relationship with EGO Movement is in line with TVS’ commitment towards electrification and the broader sustainability agenda as part of establishing a strategic personal e-mobility ecosystem.
This has been done by scaling unique brands that share TVS’ vision of “delivering compelling customer experience benchmarks through cutting-edge, aspirational products. The company has a strong presence in Europe with customer-centric products, a unique omnichannel network and a visionary team at its helm.” according to him.
He further noted that the partnership between TVS Motor Company and EGO Movement will address global urbanisation by “delivering unique e-mobility solutions with e-bicycles and mobility across a diversity of forms.” TVS expects to generate a revenue of around 100-150 million USD from the electric bike business over the next half a decade.
The major stake in EGO Movement is the brand’s second-biggest acquisition in a relatively short period of time as the heritage brand, Norton Motorcycles, was acquired in an all-cash deal for 16 million pounds which translated to Rs. 153 crore approximately back in August 2020. EGO Movement has a powerful mid-motor with torque sensor, USB port on a removable Li-ion battery and automatically switching LED light.
Early last year, TVS entered the electric two-wheeler space courtesy of the i-Qube and it competes against Bajaj Chetak, Ather 450X and recently introduced Ola S1 and Simple One. The company is expected to further expand its zero-emission portfolio in the coming years as the transition in the industry is certainly inevitable.