Mahindra GenZe Electric Two-Wheeler Business To Be Shut Down

The Mahindra Group owned electric two-wheeler brand GenZe will be shut down within the next six months. The GenZe brand is a California-based manufacturer of electric bicycles and scooters, and has been selling e-bikes and scooters exclusively in the US market. Announcing the financial results for the fourth quarter of the financial year 2019-20, Mahindra and Mahindra Managing Director, Dr. Pawan Goenka announced that the US-based wholly owned subsidiary will be shut down. Mahindra is in the process of liquidating stocks of GenZe and the business will be shut down completely in six months' time.

Also Read: Mahindra GenZe Electric Scooter Review

mahindra genze electric scooter profile

The Mahindra GenZe electric scooter is manufactured in the US under Mahindra's wholly-owned susidiary

According to Goenka, the intellectual property from GenZe will be used for Mahindra Electric or some other brand within the Mahindra Group. Among the products of GenZe are electric bicycles offered on a public bike sharing system in the US, and the electric scooters including the GenZe 2.0 electric scooter, are used for delivery services, and also available through public scooter sharing systems in California. The GenZe was spotted testing in India as well, more than two years ago, and at one point Mahindra was even considering the possibility of introducing the electric scooter in India. Now, it seems the GenZe will be dissolved completely and any technology and intellectual property could possibly make its way to other electric products, under the Mahindra Electric brand.

Also Read: Mahindra GenZe Electric Scooter Spotted On Test In India

On Friday, June 12, 2020, Mahindra and Mahindra announced the company's quarterly results. The company announced net loss of Rs. 3,255 crore in the January to March, 2020 quarter, compared to a profit of Rs. 969 crore in the same period a year ago. Revenue of the company declined 35 per cent to Rs. 9,005 crore during the quarter under review, compared to Rs. 13,808 crore during the same quarter a year ago. Sales were affected due to lower industry volumes in both automotive and tractor segments, transition to BS6 emission regulations and the countrywide lockdown due to the COVID-19 pandemic in March, the company said.



from CarandBike - Latest News

Comments

Post a Comment

Popular posts from this blog

Harley-Davidson Streetfighter Spotted In Flesh For The First Time

Image
Harley-Davidson unveiled a range of new motorcycles last year that included an adventure tourer, streetfighter and Custom range. This, along with the LiveWire electric motorcycle defines the new-age 21st century offerings from the manufacturer as it taps into newer markets and caters to an evolving customer base. Now, giving a glimpse of the new models out in the open, the new Harley-Davidson Streetfighter was spotted in the prototype version at what seems to be a trade show in the US, giving a good glimpse at motorcycle looks like in flesh. While board says 'Styling Prototype', the production-spec version of the Streetfighter is likely to stay identical to the model showcased here. In addition to the Streetfighter, the Pan America was also showcased at the same event. The production spec versions of both bikes could be unveiled at EICMA this year. Also Read: Harley-Davidson Livewire To Be Unveiled In India In August The Harley-Davidson Streetfighter is a completely new mot...
Read more

Brixton 1200 To Rival Triumph Bonneville T120

Image
A 1200 cc modern classic with similar design lines as Triumph's iconic Bonneville series, has reportedly been cleared for production. The bike was showcased as a concept at last year's EICMA motorcycle show, and from the looks of it, this is a model developed in China with the Triumph Bonneville T120 in its sights. The Brixton brand though is part of Austria's KSR Group, which imports bikes from several Chinese manufacturers, including CF Moto. And while the new Bonneville rival will be manufactured in China, the design and engineering has been created at KSR's design centre in Krups, Austria. Also Read: Triumph Bonnville T120 First Ride Review The Brixton 1200 cc motorcycle has not been named yet, or a launch timeline announced So far, the company has not committed to a launch date yet, but says that it will eventually make it to production. And from the looks of it, that may well be sometime later this year, maybe even at the EICMA 2020 show in Milan, Italy, in...
Read more

Zongshen Cyclone RX6 Based On Norton 650 Nearing Completion

Image
While there still doesn't seem to be a buyer for iconic British brand Norton Motorcycles which went into administration in January this year, the firm's 650 cc parallel-twin seems to be finding life in China. While Norton apparently sold off the engine rights of its 961 engine to China's Jinglang just before the brand went into administration, the deal for the 650 cc engine was finalized way back in 2017 with Chinese giant Zongshen. The 650 cc parallel-twin engine was due to be used in Norton's Atlas and Superlight models, but now it looks like that engine platform will make its debut in a Zongshen motorcycle, called the Cyclone R6. Also Read: How Much Is Norton Motorcycles Worth Now? One of the patent designs shows the Cyclone RX6 with full touring accessories and luggage Two prototypes fitted with the 650 cc parallel-twin engine were shown in China late last year, on the Zongshen Cyclone RX6 adventure bike and the RX6 sport tourer. Both bikes used Zongshen-made...
Read more