TVS Motor Company has announced the successful acquisition of Switzerland’s largest e-bike player, Swiss E-Mobility Group (SEMG) in an all-cash deal, while French-Japanese auto alliance of Renault and Nissan has announced to invest 23 billion euros ($26 billion) in electric vehicle (EV) technology over the next five years.
TVS Motor Company has acquired SEMG through TVS Motor’s Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd. SEMG is a provider of e-mobility solutions within the DACH region, operating the largest pure-play e-bike retail chain M-way in Switzerland with close to $100 million in revenue.
Venu Srinivasan, the Chairman of TVS Motor Company, said, “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.”
Meanwhile, the auto alliance between Renault SA and Nissan Motor Co. outlined a 23 billion euro ($26 billion) electrification plan that will deepen ties within the struggling Franco-Japanese alliance as competition intensifies. The companies will invest the fund in EV technology over the next five years. The funds, announced separately by the carmakers last year, will help roll out 35 new battery-powered cars by the end of the decade across five common manufacturing platforms, say reports.
The plans mark a step forward in the three-way alliance that also includes smaller Japanese automaker Mitsubishi Motors Corp. After Renault and Nissan began well in the market with their best-selling Zoe and Leaf models, the companies now face intense competition with players like Tesla Inc. and Volkswagen AG, says a Bloomberg report.
Under the alliance, Mitsubishi will expand its presence in Europe with two models based on Renault vehicles, Nissan will take the lead on developing solid-state battery technology, and Renault will work on a model enabled for over-the-air software updates.