To drive future growth in core European markets and expand into new geographies, Mahindra Two Wheelers Europe, a subsidiary of Mahindra & Mahindra Ltd. will acquire 100% ownership of Peugeot Motocycles (PMTC). This growth plan is backed by a robust investment plan which includes the introduction of seven new products between 2019 and 2021.
Rajesh Jejurikar, President – Farm Equipment Sector & Member of the Group Executive Board, Mahindra & Mahindra Ltd., said, “We are seeing positive momentum at Peugeot Motocycles. The Kisbee became the largest
selling 50cc vehicle in Europe, the Metropolis is getting stronger in Europe and China, and the Urban GT connected Pulsion has received a positive market response. We fully support PMTC's Promise 2020 plan and look forward to the future with enhanced optimism."
The Peugeot brand will continue to be used in the future and the design teams of Peugeot will extend assistance in the design and development of PMTC products in close cooperation with the Mahindra Group.