FREMONT, Calif.--(BUSINESS WIRE)--To expand its zero-emissions personal transportation solutions, Mahindra Partners, the $1 billion incubation, private equity & venture capital division of the global Mahindra Group, today announced that GenZe will join Mahindra Automotive North America (MANA).
Led by CEO Vish Palekar, GenZe started as an incubator-funded business by Mahindra in 2012, developing IoT-connected electric scooters and bicycles in Fremont, California. The scooters and bicycles are engineered and manufactured in Ann Arbor, Michigan. GenZe has become a key supplier within the booming shared mobility category, launching fleet electric bikes and scooters with public operators such as Ford GoBike, Scoobi and Scoot, and fleets in the tourism, delivery, college and corporate sectors. This acquisition reflects the rapidly changing landscape of the personal transportation industry in 2019, which also saw high-profile bikeshare acquisitions by Uber, Lyft, and Ford Motor Company.
“Mobility is rapidly evolving and we’re adapting to these changes to stay at the forefront of personal transportation,” said Rick Haas, CEO of Mahindra Automotive North America. “Ultimately, we are a mobility business and we see GenZe as a great addition to our growing portfolio of purpose-designed transportation solutions.”
While routine operations of each company will not change, the move will leverage Mahindra Automotive’s design, engineering, and manufacturing resources with GenZe’s leadership in the two-wheeled electric vehicle category.
“Micro-mobility – in the form of electric bikes and scooters – has become one of the fastest growing segments in transportation, as we work to provide ‘last-mile’ solutions within heavily congested cities,” said Tom Valasek, GenZe Chief Commercial Officer. “Joining Mahindra Automotive will give GenZe access to resources and scale. We can grow our platform of products faster and continue to build our connected digital offerings.”
GenZe’s initial product offering included a consumer e-Bike and the 2.0 electric scooter – the world’s first IoT e-Scooter featuring telematics. In 2017, the brand expanded its product lines to include the smartphone-connected 200 Series electric bicycle. GenZe vehicles are specifically designed to offer an affordable, zero-emissions alternative to traditional personal transportation options.
MANA holds the distinction of being the first automotive OEM to start manufacturing in Southeast Michigan in over a quarter century, after opening its operation in Auburn Hills, Mich. in 2017. Established as the North American Automotive HQ, MANA’s initial product offering includes the ROXOR off-road vehicle, which is creating a new subsegment in the fast-growing side X side industry. MANA is also a finalist for the United States Postal Service replacement vehicle program and is developing several of Mahindra’s next generation global vehicle platforms. For more information on GenZe and Mahindra Automotive North America, visit www.genze.com and www.mahindraautomotivena.com.
About GenZe
GenZe has a simple motto: “Two Wheels. One Planet. Zero Emissions.” GenZe is committed to providing easily-accessible personal transportation through e-Bikes and e-Scooters loaded with smart, connected technology and powered by sustainable, zero-emissions electric energy. GenZe manufactures and assembles in Ann Arbor, Michigan with corporate headquarters in Silicon Valley. GenZe focuses on enabling people to rise through new and better solutions to tomorrow’s challenges.
About Mahindra Partners
Mahindra Partners is the $1 billion incubation, private equity & venture capital division of the Mahindra Group. Its mission is to accelerate value creation through a diversified global portfolio of emergent businesses. The portfolio spans across multiple industries like logistics, steel processing, renewable energy, conveyor systems, vocational education, retail, infrastructure consulting and skill building, luxury boat manufacturing and media. It has recently expanded operations in U.S. by investing in the IoT and shared mobility space. For more information, visit www.mahindrapartners.com
About Mahindra Automotive North America
Mahindra Automotive North America (MANA) is the North American headquarters of the $22B Mahindra Group’s automotive division. Established in 2013, MANA now employs over 430 people, and in 2018 became the first automotive OEM to launch a manufacturing operation in southeast Michigan in over 25 years when it began producing the ROXOR off-road vehicle in Auburn Hills, MI. Working with affiliate Mahindra teams in India, Italy and Korea, MANA also continues to fulfill its mission as a center of automotive engineering excellence, which includes automotive design, engineering and vehicle development, and is led by a team of veteran industry executives, engineers and designers. For more information, visit www.mahindraautomotivena.com and/or www.roxoroffroad.com
