GenZe

GenZe Joins Mahindra Automotive North America

FREMONT, Calif.–()–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


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