TVS Motor Company, which is now one of the largest motorcycle manufacturers in the world, has made another acquisition. After purchasing Norton motorcycles a year ago, it recently bought a majority stake in EGO Movement, a Swiss-based e-bike brand.
Sudarshan Venu, joint managing director for TVS Motor Company, said that its newly-forged ties with EGO Movement coincide with the company’s vision towards electrification of mobility. Both brands have the same goal of “delivering compelling customer experience benchmarks through cutting-edge, aspirational products.”
The deal was done via TVS’ Singapore subsidiary and is in accordance with the company’s vision to expand its presence in developed regions like the European Union.
With the majority stake, TVS hopes to generate between US$ 100-150 million within the next 5 years of for its electric bike business.
TVS also holds technology agreements with BMW and is the one manufacturing the latter’s G 310 R and G 310 GS motorcycles. TVS also acquired UK-based motorcycle maker, Norton, in a deal that is equivalent to PHP 1-billion back in April last year.