Ford Motor is reversing plans to cede most of its Indian operations to Mahindra & Mahindra, deciding to pull out of a proposed joint venture and continue its standalone business in the country.
The companies agreed to terminate the venture after reassessing in part due to the global coronavirus pandemic, they said.
The decision ends a deal reached more than a year ago under which Ford was expected to fold its local operations, including two factories, into a JV that would be majority-controlled by Mahindra, a leading Indian manufacturer of sport utility vehicles.
The future of Ford’s business in India is unclear as it has struggled for more than two decades to grow in the world’s fourth-largest car market.
“The company is actively evaluating its businesses around the world, including in India,” Ford said a statement.
The US marque took a $799 million impairment charge in 2019 in anticipation of the asset transfer to Mahindra to account for what it called “fair value less cost to sell.” A spokesman said the termination of the deal won’t affect that valuation.
“There will be no impact on the impairment that we recorded previously,” said TR Reid, the spokesman.
The manufacturers said previously they would cooperate to develop an electric car for emerging markets and work together to introduce three new models to be sold under the Ford brand in India, starting with a mid-sized SUV.
Ford did not specify what would become of those projects.
Mahindra said in its own statement the venture’s termination wouldn’t affect its product plans. “Mahindra is accelerating its efforts to establish leadership in electric SUVs,” it said.
The decision came as a December 31 deadline loomed for formalising the planned partnership. Jim Farley, who became the Ford's chief executive in October, earlier said that the JV with Mahindra could allow Ford to double its revenue from India.
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
The%20specs
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The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
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