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The Mahindra Group-owned electric two-wheeler brand GenZe, a California-based manufacturer of electric bicycles and scooters, will be shut down within the next six months. Announcing the financial results for Q4 of the financial year 2019-20, Mahindra and Mahindra Managing Director, Pawan Goenka said that the US-based wholly owned subsidiary will be shut down and the company is in the process of liquidating stocks of GenZe.
GenZe produced two electric two-wheelers which are offered on a public bike renting system. Products such as the GenZe 2.0 electric scooter are used by the delivery services in California. However, a GenZe scooter was even spotted testing on the Indian roads a few years back and was rumored to be launched in the country.
Mahindra and Mahindra announced that it has suffered a net loss of Rs 3,255 crore in Q4, FY 2019-20 against a profit of Rs 969 Crore recorded in the corresponding period a year before. It looks like GenZe will be completely dissolved and its technology and intellectual property could make way inside some future EVs under the Mahindra Electric.
In Other recent Mahindra news, the company is expected to launch the next-generation version of the Thar in the Indian market by early-October. The delay in the launch of the new-generation Mahindra Thar is attributed to the COVID-19 pandemic in the country.
The new-generation SUV claims to come with a host of fresh features, equipment and a revised styling as well. The fresh design on both the interior and exterior will give the SUV a more modern styling and more premium-ness. However, the new-generation Mahindra Thar has also been spied testing in India on multiple occasions. According to the spy pics of the new Thar, the SUV carries forward a similar silhouette as its predecessor.
Mechanically, the new-generation Mahindra Thar could be powered by a 2.0-litre turbo-petrol engine and a 2.2-litre diesel unit. Both the engines will come mated to a standard manual transmission unit. The Mahindra Thar has been on sale in the Indian market for 8 years now and will finally be receiving a much-required update.
Thoughts On The Mahindra GenZe Electric Two-Wheeler Business Shutting Down
Due to heavy losses, Mahindra has to shut down the GenZe electric two-wheeler business. It is sad to see that an electric vehicle company is shutting down, but the technology and intellectual property could make its way inside some future EVs under the Mahindra Electric brand.