To drive the future growth in European markets and to expand into new geographies including select Asian markets, “Mahindra Two Wheelers Europe” the subsidiary of Mahindra and Mahindra, will acquire 100 per cent of ownership of Peugeot Motorcycles (PMTC).
This plan is supported by a robust investment plan which includes the introduction of seven new products by 2021. The presence of brands in Europe will be fortified with France remaining a major market and PMTC’s headquarters continuing to be based at Mandeure.
In 2015, 51 per cent equity stake in PMTC from Groupe PSA had acquired by Mahindra Two Wheelers.
As per the Mr. Rajesh Jejurikar, President of FES & Two Wheelers and Member of the Group Executive Board at Mahindra & Mahindra, “We are seeing positive momentum at Peugeot Motocycles”. He also added, “Kisbee becoming the largest selling 50cc vehicle in Europe, Peugeot Metropolis getting stronger in Europe and China, the positive market response to the new launch of the Urban GT connected Pulsion, are all cases in point. We fully support PMTC’s Performance 2020 and look forward to the future with enhanced optimism”.
The Peugeot brand will continue to be used in the future under the trade license agreement between PMTC and Peugeot. In addition, the Peugeot design teams will continue to assist in the design and development of PMTC products in close cooperation with the PMTC management and the Mahindra Group.
Source: IBEF
Image Courtesy: BikeAdvice
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