Indian mobility company TVS has acquired a 75% stake in SEMG (Swiss E-Mobility Group) as part of a strategy to expand in Europe.
SEMG is a provider of electric mobility solutions that operates an e-bike retail chain called M-way in Switzerland.
TVS says e-bikes are establishing themselves as the “de-facto form of personal mobility in Europe” due to the increased ease of usage, regulatory support and overall perception as a sustainable form of transport.
The firm's joint managing director Sudarshan Venu says: “We are strengthening our presence in the rapidly growing e-bikes segment. SEMG has strong omnichannel distribution and aspirational brands, including Cilo, Simpel, and Zenith - bikes.”
TVS recently acquired another Swiss mobility firm, Ego Movement, as well as the famous Norton Motorcycles brand.
TVS chairman Venu Srinivasan says: “TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years. The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change.”
