Mahindra Two Wheelers Europe, subsidiary of Mahindra & Mahindra and Groupe PSA have announced that Mahindra will acquire all outstanding shares in Peugeot Motorcycles (PMTC). In January 2015, the company had acquired 51% stake in PMTC from the PSA Group.
Mahindra Two Wheelers Europe and the PMTC team have worked together to present the ‘Performance 2020′ plan, which was introduced in July 2018. The JV aims to strengthen their operations to achieve growth in Europe and select Asian markets. The company aims to launch seven new products during 2019-2021. France will remain a major market and the Peugeot Motorcycles’ headquarters will remain at its historical location, Mandeure.
Commenting on the same, Rajesh Jejurikar, president – FES & ‘Two-Wheelers’, Member of the Group Executive Board, Mahindra & Mahindra, said, “We are seeing positive momentum at Peugeot Motorcycles. 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.”
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 company will continue to be used the Peugeot brand in the future under the Trade License Agreement between PMTC and Peugeot. The Peugeot design teams will continue to help in the design and development of PMTC bikes. The design teams will work in close cooperation with PMTC management and the Mahindra Group.