New Delhi
Report and
sources say that US auto major Ford may shut down its India operations in Tamil
Nadu and Gujarat soon. The company has two factories in India – Maraimalainagar
in Tamil Nadu and Sanand in Gujarat.
As per a report
by The Economic Times, Ford
is in talks with various car firms for either contract manufacturing or sale of
its Indian factories or both. There are also speculations that Ola is in talks
with Ford to utilise its factories to manufacture electric cars.
Ford and Mahindra & Mahindra (M&M) had
announced an agreement in October 2019. Accordingly, M&M would have
acquired a majority stake in the wholly-owned arm of Ford Motor Co (FMC) and
taken over its automotive business in India. The new entity was supposed to
develop, market and distribute Ford brand vehicles in India while also selling
Mahindra and Ford cars in the high-growth emerging markets.
But this did not
happen, and both the companies decided to scrap the joint venture in January
2021, citing changes in global economic and business conditions partly due to
the coronavirus pandemic.
Ford is known
for its car variants such as Figo, Freestyle, Aspire, EcoSport, Endeavour and
Mustang that are popular in the Indian market.
Source – Free Press Journal
Also Read:
Comments