Ford Motor Company (NYSE: F) on Tuesday said it will shift most of its operations in India to Mahindra & Mahindra Ltd. as part of a joint venture with the Indian carmaker. The deal, valued at USD 275 Million, awards Mahindra 51% of Ford’s business in India.
The joint venture will introduce three new utility vehicles under the Ford brand, beginning with a new midsize sports utility vehicle. Another area of focus for the joint venture will be electric vehicles, the companies said.
The joint venture with Mahindra, according to Ford, is the next step in a strategic alliance forged between the two businesses in September 2017. It is expected to be operational by mid-2020, subject to regulatory approvals. The joint venture will be operationally managed by Mahindra, and its governance will be composed equally of representatives from Mahindra and Ford.
“Mahindra and Ford coming together is a testament to the long history of cooperation and mutual respect between the two companies. Our combined strengths – Mahindra’s expertise in value-focused engineering and its successful operating model, and Ford’s technical expertise, global reach and access to future technology – are a potent recipe for success,” said Anand Mahindra, Chairman at Mahindra Group.
52 week low/high
Aphria Shares Pop on Q1 Earnings0 Comments Shares of Aphria Inc. (TSX: APHA) (NYSE: APHA) are up over 22% on Tuesday after the cannabis producer posted a first-quarter profit of CAD 16.4 Million, its second straight quarter of profitable growth....
CannTrust Takes Steps Towards Full Regulatory Compliance0 Comments CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST) on Monday announced its continued progress on taking all actions to bring the company back into full compliance and reinstatement...
Bed Bath and Beyond Names Mark Tritton as President and CEO0 Comments Shares of Bed Bath and Beyond, Inc. (NASDAQ: BBBY) soared as much as 23% in after-hours trading on Wednesday after the Company announced Mark Tritton will become its new...