Mahindra Two Wheelers Europe acquires all outstanding shares in Peugeot Motorcycles.
This acquisition is part of the Performance 2020 plan unveiled in July 2018.
The company has now planned seven new products to expand into selected Asian markets.
Mahindra Two Wheelers Europe, a subsidiary of Mahindra & Mahindra had acquired a 51% stake in Peugeot Motorcycles (PMTC) in January 2015. Now, it has completed the acquisition process by purchasing the balance of 49% shares to become the sole owner of Peugeot Motorcycles.
Both the companies had worked together to unveil the Performance 2020 Plan in July 2018. The objectives of this plan were to strengthen the company’s presence in the core G7 (European) markets and expand into selected Asian markets. The takeover is a part of this plan.
Mahindra now plans to introduce seven new products in the next couple of years. France remains a significant market with the headquarters of the company based in Mandeure.
Rajesh Jejurikar, President of the company and a crucial member of the Group Executive Board in M&M, sees a positive growth at Peugeot Motorcycles. With Kisbee earning the distinction of becoming the largest selling 50cc bike in Europe, the company strengthens its position in both Europe and China.
The launching of the Urban GT connected Pulsion is also a positive step in the right direction. Rajesh states that the company is fully committed to the Performance Plan 2020 and has an optimistic view of the industry.
Jean-Philippe Imparato, the Executive Vice-President of Peugeot, maintains that Peugeot Motorcycles will benefit from the investment made by Mahindra, one of the most significant global players in the 2-wheeler industry. He assures full support to the company in all respects of design and technological innovations.
The Trade Licence between Peugeot and PMTC ensures the continuation of the use of the Peugeot brand. Besides, PMTC will benefit from the expertise of Peugeot design teams as they work in close coordination with the Mahindra Group and PMTC Management.
An example of this cooperation is the introduction of the Peugeot 308 i-cockpit technology in Peugeot Pulsion 2-wheeler version i-Connect.