Ford, Mahindra End Discussions for Auto Joint Venture

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Dec. 31, 2020Ford Motor Company and Mahindra & Mahindra have mutually and amicably determined they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the Dec. 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 – caused, in part, by the global pandemic – over the past 15 months. Those changes influenced separate decisions by Ford and Mahindra to reassess their respective capital allocation priorities.

Ford, Mahindra End Discussions for Auto Joint Venture Brandspurng

Ford said its independent operations in India will continue as is. The company is actively evaluating its businesses around the world, including in India, making choices and allocating capital in ways that advance Ford’s plan to achieve an 8% company adjusted EBIT margin and generate consistently strong adjusted free cash flow.

Ford’s plan calls for developing and delivering high-quality, high-value, connected vehicles – increasingly electric vehicles – and services that are affordable to an even broader range of customers and profitable for Ford.

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The company is moving quickly to:

  • Turn around its automotive business – competing like a challenger while simplifying and
    modernizing all aspects of the company, and
  • Grow by capitalizing on existing strengths, disrupting the conventional automotive business, and partnering with others to gain expertise and efficiency.
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Ford, Mahindra End Discussions for Auto Joint Venture - Brand SpurFord, Mahindra End Discussions for Auto Joint Venture - Brand Spur

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Read Also:  Ford Records Better-Than-Anticipated Q2 Operating Results As Company Manages for Both Coronavirus and Long Term
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