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 â" caused, in part, by the global pandemic â" 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.
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