TVS acquires German EV start-up Vermogensverwaltungs to strengthen tech portfolio | The Financial Express

TVS acquires German EV start-up Vermogensverwaltungs to strengthen tech portfolio

The acquisition of the start-up will add to TVS Motor Co’s future readiness in the two- and three-wheeler vehicles, including Research & Development, Engineering, sales and service thereof.

TVS acquires German EV start-up Vermogensverwaltungs to strengthen tech portfolio
TVS Motors sold 242,012 vehicles in December 2022.

Chennai-headquartered two- and three-wheeler major TVS Motor Co has acquired German electric vehicle start-up Vermogensverwaltungs for a consideration of 25,000 Euro (Rs 21 lakh) through its wholly owned subsidiary TVS Motor (Singapore).

The acquisition of the start-up will add to TVS Motor Co’s future readiness in the two- and three-wheeler vehicles, including Research & Development, Engineering, sales and service thereof.

Furthermore, the move has been completed on December 6, and the start-up’s proposed name is Celerity Motor.

The Chennai-based OEM has been quite aggressive in its global plans, where it has not shied away from making both organic as well as inorganic growth. In fact, the company has been at the forefront of forging partnerships and alliances, be it with the likes of BMW Motorrad or Norton Motorcycles in the UK.

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First published on: 09-12-2022 at 01:27:51 pm
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