TVS acquires EV maker SEMG
TVS Motors has taken over Switzerland’s largest electric-personal-mobility solution provider. The Swiss E-Mobility Group generates revenue up to $100 million and now TVS holds the majority stakes.
By Aditya Jadhav
TVS Motors has taken over Switzerland’s largest electric-personal-mobility solution provider. The Swiss E-Mobility Group generates revenue up to $100 million and now TVS holds the majority stakes.
On Friday, TVS Motor Company announced the acquisition of the Swiss E-Mobility Group (SEMG). The acquisition has been made in an all-cash deal through TVS Motor’s Singapore subsidiary, TVS Motor Singapore. TVS currently old 75 per cent stakes in the Swiss E-Mobility Group, which is popular for providing e-mobility solutions in Switzerland. The Swiss company has a multiple mobility brand portfolio, including Cilo, Simpel, Allegro, and Zenith – Bikes.
SEMG claims to generate over $100 million in revenue which probably makes it the largest player in the EV personal mobility space. In the recent past, TVS has also acquired Norton motorcycles and EGO Movement which vaguely gives us an idea of TVS’ plans to enter elevate to the international market via the premium motorcycle segment and electric-personal-mobility solutions.
Speaking on the occasion, Sir Ralf Speth, Chairman designate, TVS Motor Company, said, ‘TVS Motor is committed to being at the forefront of e-personal mobility globally. SEMG complements our acquisitions of Norton Motorcycles and EGO Movement and strengthens our commitment to environmental sustainability. We offer our customers a compelling portfolio of technologically advanced and environment friendly products.’
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