Ford Motor Co is nearing a deal with Mahindra & Mahindra to form a new joint-ven...
NEW DELHI - Ford Motor Co is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India, a move that will likely see the U.S. automaker cease independent operations in the country, two sources with direct knowledge of the talks told Reuters.
Over two decades, Dearborn, Michigan-based Ford invested more than $2 billion in India but has consistently struggled - it currently has a market share of just 3 percent in India, one of the world’s fastest-growing car markets. Mahindra too said it does not comment on speculation. It said in a statement it was “working together in identified areas” with Ford after a 2017 partnership arrangement, and “will announce further definitive agreements as we progress on some of the other areas.”
Even so, India is set to become the world’s third-largest car market by 2023 with sales of over 5 million cars annually, according to forecasting firm IHS Markit. Automakers such as Maruti benefit in India from their vast dealership network and an autonomous local team that can quickly react to market changes.
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