TVS Motor Company has announced its partnership with Swiss e-bike brand EGO Movement as a majority shareholder.
TVS Motor intends to expand its portfolio of sustainable and scalable personal mobility solutions and brands in the area of electromobility and ‘recognised the potential’ in EGO Movement.
Joint managing director of the TVS Motor Company Sudarshan Venu said: “As well as our focus on existing markets at home in India, we are keen to expand into newer markets, including Europe, as part of our endeavour to cater to the future of personal mobility. We are committed to developing a wide range of electric vehicles and sustainable mobility solutions.
“Electric bicycles are the centre of sustainable mobility in many cities in Europe and around the world, and the global market is expected to be $20 billion in five years. We are keen to play an active role in this market. EGO Movement, with the vision of Daniel and Marie, has excellent products and a brand that centre’s around its unique design capability.
“We look forward to nurturing and significantly growing the brand and are sure that we will have a value add in various areas. I am excited to see some of the design languages translate into other business areas for TVS Motor Company. In the future, I can see multiple modes of transport providing various solutions.
“The Netherlands, Germany and Switzerland account for 80% of the existing e-bike market, as this urbanisation requirement continues to abound, TVS Motor will be in a position to tell a fresh chapter in both its company history and that of global personal mobility.”
Co-founder and CEO of EGO Movement Daniel Meyer added: “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.”