Mahindra Automotive North America has acquired GenZe, an electric bicycle and scooter manufacturer it has been incubating since 2012, but will not finance the vehicles through its captive, GenZe Chief Commercial Officer Tom Valasek told Powersports Finance.
Mahindra Finance USA provides wholesale and retail finance for Mahindra’s powersports and tractor products. Getting financing from the captive is “not something that we’re pursuing at the moment,” Valasek said. “This is not a product that requires a lot of financing. Pricing isn’t quite as big as a car or some powersports products.”
The most expensive GenZe is $4,300. However, GenZe is open to financing opportunities through Mahindra Finance in the future, Valasek added.
GenZe sells its electric vehicles through three sales channels: dealerships, fleets, and direct from its website. The company is a supplier within the shared mobility space, launching fleets of 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 makes up a “huge percentage” of the business, Valasek added.
GenZe started as an incubator-funded business by Mahindra, developing IoT-connected electric scooters and bicycles in Fremont, Calif. The electric vehicle OEM will remain an independent company, but the move will leverage Mahindra Automotive’s design, engineering, and manufacturing resources with GenZe’s experience in the two-wheeled electric vehicle category. GenZe manufactures in Ann Arbor, Mich., an hour away from Mahindra’s Auburn Hills plant location.