Mahindra, Ford end discussions of automotive joint venture
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‘Ford’s operations to continue as is’
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ROXOR off-road vehicles are seen in the Mahindra Automotive North America assembly plant in Auburn Hills, Michigan, U.S., File photo
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‘Ford’s operations to continue as is’
Mahindra & Mahindra Ltd. and Ford Motor Company have mutually and amicably decided not to complete a previously announced automotive joint venture between their companies.
“The action followed passing of the December 31, ‘longstop’, or expiration, date of a definitive agreement the organisations entered into in October 2019,” M&M said in a statement.
COVID-19 impact: Ford Mahindra joint venture scrapped Updated Jan 01, 2021 | 10:55 IST
The new venture was also envisaged to acquire the automotive business of Ford India Pvt Ltd (FIPL), a wholly-owned subsidiary of FMC, that has been engaged in the automotive business in India since 1995. COVID-19 impact: Ford Mahindra joint venture scrapped | Representative image
US auto major Ford Motor Co on Friday said it and India s Mahindra & Mahindra have decided to scrap their previously announced automotive joint venture and it will continue its independent operations in India as it is. The two companies determined that they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the December 31, 2020 longstop or expiration date of a definitive agreement the organisations entered into in October 2019, Ford Motor Company said in a statement.
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Ford, Mahindra To Scrap Proposed Automotive Joint Venture
While Ford said it will continue its independent operations in India as it is, M&M said the decision will not have any impact on the company s product plan.
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US auto major Ford Motor Co and India s Mahindra & Mahindra (M&M) on Friday said they have decided to scrap a previously announced automotive joint venture citing fundamental changes in global economic and business conditions caused, in part, by the coronavirus pandemic.
While Ford said it will continue its independent operations in India as it is, M&M said the decision will not have any impact on the company s product plan.