TVS acquires Swiss e-bike maker Passion Velo for 2.8 M swiss francs

Swiss E-Mobility Group (Holding) AG (SEMG), a subsidiary of TVS Motor Company has acquired 100% in Alexand'Ro Edouard'O Passion Vélo Sàrl (Passion Vélo) for CHF 2.79 million in cash. This acquisition would help SEMG to expand its network in the western part of the Swiss region and strengthen its retail presence. Passion Vélo (PV) sells e-bikes as well as e-bike accessories across a range of premium e-bike brands such as TREK, Riese & Muller, Cannondale, Moustache and others. PV owns and manages a large e-bike store spread over an area of 800 sqm in Neuchatel, Switzerland.