Mahindra acquires 100% stake in Peugeot Motocycles | NEWS
The European subsidiary of Indian manufacturer, Mahindra – Mahindra Two Wheelers Europe has acquired all outstanding shares of Peugeot Motocycles to ensure future growth of the French company. This takeover comes after the European arm of the Mumbai based business (part of the 20.7 billion USD company) took a 51% equity in the company in January 2019.
Peugeot Motocycles and Mahindra Two Wheelers Europe have been working together on reorganisation and unveiled a ‘Performance 2020’ plan to launch seven new products between 2019 and 2021. According to Jean-Philippe Imparato, Executive VP Peugeot Brand, “This decision by the shareholders will ensure that Peugeot Motocycles benefits from the expertise of a significant global player in the two wheelers industry. We at Peugeot will maintain our commitment through our utilization of the Peugeot brand and extend our support to design and technological innovations.”
The Peugeot brand name will continue to be used under a trade licence agreement and Peugeot design teams will assist in the design and development of future products. The headquarters will still be based in its historical base in Mandeure France.
Rajesh Jejurikar, President FES & ‘two wheelers’, and Member of the Group Executive Board, Mahindra & Mahindra Ltd., said: “We are seeing positive momentum at Peugeot Motocycles. 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.”