TVS Motor Company forays into the personal e-mobility business with a majority stake in European e-bike brand EGO Movement

SINGAPORE, Sept 17, 2021 - (Antara/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."

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.

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.

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.

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