New Delhi: Auto major Mahindra & Mahindra (M&M) on Friday said it will invest up to Rs176 crore in car and bicycle rental firm Zoomcar India or Zoomcar Inc., its US incorporated holding parent company.

Under the aegis of the deal, Mahindra Group would invest up to Rs176 crore in Zoomcar India or Zoomcar Inc. which, when converted to common stock of Zoomcar Inc. on a fully diluted basis, would constitute approximately 16% stake in Zoomcar Inc., the company said in a statement.

Mahindra & Mahindra (M&M) is poised to enter Iran with its XUV500, KUV100 and Scorpio pick-up, attempting to break the dominance of French and other European automakers in the market that has turned stricter in automobile safety and emission norms.

The company has signed an agreement for collaboration with a local business group, which is expected to be materialised later this year.

Mahindra & Mahindra on Friday said it will sell 22 per cent of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co Ltd for Rs 1.46 billion (Rs 146.32 crore).

"The company has today agreed to sell 26,36,401 equity shares of Rs 10 each held by the company in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), aggregating 22 per cent of the paid-up equity share capital of MSSSPL, to Sanyo Special Steel Co., Ltd. for a consideration of Rs Rs 1.46 billion," Mahindra & Mahindra (M&M) said in a BSE filing.

NEW DELHI: Mahindra & Mahindra-owned Italian design house Pininfarina is helping the Indian parent to conceptualise what it calls the dealership of future (DoF). The high-tech showroom will come with powerful virtual reality tools and large screens that will allow prospective buyers to see how a vehicle would look like with accessories and the colour of their choice.

At these facilities, customers can also touch and feel the vehicles as well as do a comparative analysis of models.

Mumbai: Mahindra and Mahindra Ltd on Saturday won an order to supply 1,000 electric vehicles (EVs) to Bengaluru-based fleet operator Baghirathi Travel Solutions Pvt. Ltd through its subsidiary Mahindra Electric Mobility Ltd, Mahesh Babu, CEO of Mahindra Electric said, describing the order as “one of the biggest in Indian corporate mobility”.

Mahindra & Mahindra has set a target of manufacturing 3,000 electric vehicles a month over the next two years and will invest up Rs 600 crore in a new plant for such vehicles, a top company official said.

"Right now, we are rolling out 200 electric vehicles a month. We are going to rev up this capacity to 700-800 monthly over the next four months," M&M managing director Pawan Goenka told PTI here.

MUMBAI: With one in every two car buyers surfing online to decide their brand purchase, Mahindra & Mahindra, India's largest utility vehicle maker has decided to revamp it's digital platform by engaging with experts BCG, Microsoft and Dassualt to engage with prospective buyers right through their purchasing cycle.

DETROIT: Mahindra & Mahindra (M&M) is set to launch offhighway vehicles and SUVs in the US, becoming the first Indian manufacturer to produce vehicles in Detroit. M&M will begin production in Detroit from March to roll out an offhighway vehicle that will be sold across the US.

Simultaneously, M&M's Korean subsidiary Ssangyong has started preliminary work to identify and launch SUVs in US. "This is something that the Mahindra group is pursuing very aggressively.

Mahindra Two Wheelers Ltd (MTWL), the ailing subsidiary of Mahindra and Mahindra, is trying to re-invent itself and come back on the growth path - for starters, it aims to reduce its losses in this financial year to sub Rs 1 billion levels (from a Rs 4.71 billion in FY17). Besides planning to launch new variants of its premium bike Mojo in the coming quarters, it has got a brand new BSA bike in the works apart from a Jawa motorcyle (expected in FY19).

Home-grown auto major Mahindra and Mahindra on Tuesday reported 30.19 per cent increase in total tractor sales at 18,288 units in December.

The company had sold 14,047 units in December 2016, Mahindra and Mahindra said in a statement.

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