Ford signed a memorandum of understanding with Mahindra Group to strengthen its commitment to India and support Mahindra’s expansion into other global markets.
Ford has signed a memorandum of understanding with Mahindra Group to strengthen its position in India and support Mahindra’s expansion into other global markets, the company announced.
The agreement with the Indian multinational car manufacturing corporation is designed in part to improve Ford’s distribution within India, according to release from Ford. Other areas that the alliance may focus on include mobility; sourcing and commercial efficiencies; connected vehicle projects; and vehicle electrification.
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Teams from both companies will collaborate for up to three years, according to Ford. Any further strategic cooperation between the two companies will be decided at the end of that period.
“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,” said Jim Farley, Ford executive vice president and president of global markets.
Mahindra offers electric vehicles in India, and owns majority stake in Ssangyong Motor Company in Korea. The company has made several investments in ride sharing platforms in the U.S.
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