& Mahindra and Ford Motor Company have mutually and 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. This was stated in a
press release issued by Mahindra.
PLEASE CLICK HERE TO READ NEWS: FORD HANDS OVER CONTROL TO
MAHINDRA IN INDIA THROUGH NEW JOINT VENTURE
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.
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.
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