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.
- NewsIndian National Racing Championship 2018: Round 2 free practice sees Arjun Balu make a successful return
- NewsVideo worth watching: Climb Dance - Ari Vatanen's 1988 record run at Pikes Peak
- News2018 VW Ameo Cup: Racing action begins at Kari Motor Speedway this weekend
- NewsSkoda takes responsibility for development of Volkswagen's low-cost small car platform in India
- NewsMahindra Racing to preview Gen2 Formula E car at CarFest South Festival
- NewsVolkswagen Motorsport India-developed TC4-A cars to compete in National Racing Championship
- News2018 Mitsubishi Outlander SUV launched in India at Rs 31.54 lakh
- NewsRecent trademark filing suggests Mercedes-AMG C 53 in the works
- News2018 Ford Figo sedan revealed in South Africa
- NewsSuzuki Motorcycle India launches Helmet for Life road safety campaign