Mahindra & Mahindra (M&M) has been at the forefront in betting on electric mobility in India. But it doesn't have any intention of adding a two-wheeler to its EV fleet in India. Instead, M&M will tap electric two-wheeler markets overseas.
After launching its first electric two-wheeler through Mahindra Genze (pictured below) in the USA, the company now plans to take it to the European market under the Peugeot brand.
The company is not looking at entering the electric two-wheeler space in India as its product, which sells at $3,000 (over Rs 200,000) in the USA, will be too premium for the Indian market. "Given that we are not looking at mass commuter market in India we are not looking at electric mobility solutions which meet the mass market requirements. The strategy is to address bigger opportunities globally," says Rajesh Jejurikar, president, FES and Two-wheelers, Mahindra & Mahindra.
The strategy for electric two-wheelers is in line with Mahindra & Mahindra's plans for its overall two-wheeler business which was "rebooted" last October. Under the reworked strategy, Mahindra is going to exit the market of commuter two-wheelers and instead build a niche business with performance products under the BSA and Java brands.