Mahindra & Ford End Discussions of Automotive Joint Venture
Mahindra & Mahindra, a part of the USD 19.4 billion Mahindra Group and Ford Motor Company have mutually, amicably determined they will not 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 organizations entered into in October 2019.
According to the companies, the outcome was driven by fundamental changes in global economic and business conditions caused, in part, by the global pandemic since the agreement was first announced. Those changes influenced separate decisions by Ford and Mahindra to reassess their respective capital allocation priorities.
Mahindra said that this decision will not have any impact on its product plan. It is well positioned in its core true SUV DNA and product platforms with a strong focus on financial performance. In addition, Mahindra is accelerating its efforts to establish leadership in electric SUVs.
DISCLAIMER: This information is published as per the press release sent to us. It has not been verified or ratified by OVERDRIVE.
- Nissan Magnite: Best-in-class, throughout
- Top 10 best selling cars in India 2021 - Maruti Suzuki and Hyundai dominate
- Jeep Meridian 7-seater SUV spied testing in India ahead of early-2022 launch
- Top 5 most fuel efficient SUVs in India
- Production-spec Mahindra XUV700 leaked ahead of launch, interior teased