Ford, Mahindra Group Reach Memorandum of Understanding for Collaborative Efforts
Ford Motor Company has announced that has reached a memorandum of understanding with Mahindra Group to work together in the aim of strengthening its presence in India and helping to facilitate Mahindra’s plans to expand into emerging automotive markets.
The partnership is set to last for upwards of three years and will include collaboration with regards to mobility, connected vehicles, electrification, product development, and sourcing and commercial efficiencies. Ford will utilize its strength as a global brand to help Mahindra Group grow its reach beyond India, while Mahindra will help Ford increase its appeal within the country.
“Ford is committed to India and this alliance can help us deliver the best vehicles and services to customers while profitably growing in the world’s fifth largest vehicle market,” said Jim Farley, Ford executive vice president and president of Global Markets. “Our two companies have a long history of cooperation and mutual respect. The memorandum of understanding we have signed today with Mahindra will allow us to work together to take advantage of the changes coming in the auto industry. The enormous growth potential in the utility market and the growing importance of mobility and affordable battery electric vehicles are all aligned with our strategic priorities.”
Mahindra has led India in terms of utility vehicle sales for seven decades, and it is currently the only automaker in India that offers electric vehicles for commercial sale. Mahindra is also a majority shareholder in Korea’s Ssangyong Motor Company.
Ford has been a presence in India since 1995, and the country currently represents its second-largest employee base with more than 14,000 employed.