Mahindra to invest Rs 176 crore in Zoomcar India
Mahindra and Mahindra Limited has announced its plans to invest in Zoomcar India private limited, the self-drive car service provider. The company plans to invest Rs 176 crore in Zoomcar India or Zoomcar Inc. its US incorporated holding parent company. Mahindra says that the investment is in keeping with its vision of shared mobility business. The value of the investments equates to a 16 per cent stake in Zoomcar Inc.
The Mahindra eVerito is the only all-electric sedan on sale in the country currently
Mahindra says that the investment in this shared mobility business is a step forward in its ambition of promoting sustainability solutions which also includes multi modal urban mobility. Mahindra believes that this investment will help it transform mobility in the country.
Greg Moran, CEO and co-founder, Zoomcar said that the company aims to leverage Mahindra's diverse platform as well as incorporate Mahindra's electric cars. This is also in line with India's electric mobility future.
Mahindra and Zoomcar introduced the e2O Plus in the self-drive mobility space in Mysore, Bangalore and Hyderabad. The plan now is to add another 500+ Mahindra electric vehicles across 20 cities in India. Besides the e2O we also expect Mahindra to introduce the e-Verito in the Zoomcar fleet.
Team OD | 14 Sep 2018
- NewsAprilia studying the Indian market to introduce 125cc-150cc motorcycles
- NewsVolkswagen Polo GT, Vento and Jetta recalled in India
- NewsAll Aprilia and Vespa models in India to receive ABS before 2018-end
- NewsTata Tiago hatchback records its highest ever monthly sales
- News2018 Ferrari Portofino to be launched in India on September 28
- NewsRenault-Nissan-Mitsubishi and Google announce technological partnership
- NewsLimited edition Ferrari Monza SP1 and SP2 showcased
- NewsMercedes-AMG A35 teased further in new video
- NewsSkoda Kodiaq RS performance SUV teased ahead of Paris Motor Show unveil
- NewsPiaggio launches updated Aprilia SR150, Vespa and mobile connectivity app