The two companies said that Ford Motor Company and Mahindra & Mahindra are not part of a joint project as part of a joint venture abandoned in India, a joint venture that makes Ford and Mahindra at least three SUVs. ..) Expanding the market share of suppliers, drivers, and technologies for India and emerging markets.
The deal, which closed most of Ford’s independent business in India, was canceled on December 31st. The two companies will decide at the end of March whether to continue the project with the new relationship or to close everything. A Ford India spokesman said in a statement Thursday.
“Many joint product plans will be halted as our relationship ends. We are redefining the scope of these product plans.” Mahindra Chief Executive Officer Rajesh Ziglicer told Reuters on Wednesday evening that “there are no plans to continue the project at this time.” Ford is based in Michigan and has been in India for 25 years.
Previously, Hyundai and Hyundai, which mainly supply low-cost cars, had a market share of only 2%, but through a partnership with Mahindra, Ford accelerated the launch of new cars and reduced marketing costs. . .. officials and analysts said. With a little investment, Mahindra previously planned several projects at once, including a mid-size SUV that Mahindra plans to build on a propulsion vehicle platform in 2022. Initially, it was planned to use the Mahindra engine in 2023 and 2024.
Ford needs to switch to another project. Sources have invested in suppliers or engine upgrades, and Ford officials have repeatedly said that the company is considering all options for doing business in India.