TVS expands its e-mobility network by acquiring SEMG
The multinational automotive company TVS Motors has acquired 75% of the Swiss E-Mobility Group (SEMG), one of the largest e-mobility providers in the DACH (Germany, Austria, Switzerland) region.
TVS, which has recently acquired the British Norton Motorcycles and Swiss EGO Movement, aims to boost its expansion in Europe through the latest acquisition. SEMG operates the largest pure-play e-bike retail chain M-way in Switzerland. SEMG also owns a large group of brands, including Cilo, Simpel, Allegro and Zenith Bikes.
TVS will have access to SEMG's e-commerce platform and 31 physical stores in the region.
Rise of e-bikes
Chairman Venu Srinivasan of TVS Motor Company explains their ambition to drive global mobility solutions and provide feasible regulatory transport to customers. “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.”