Mahindra & Mahindra (M&M) on Tuesday has announced the acquisition of a majority stake in a wholly-owned arm of Ford Motor Co (FMC) that will take over the automotive business of the US auto major in India. The majority stake has been acquired as a going concern on a slump-sale basis for Rs 657 crore, an M&M release said.
New Delhi: Ford Motor Company and Mahindra & Mahindra are likely to sign a deal next week to form a joint venture in India, two sources told Reuters, in a move that will see the US carmaker end most of its independent operations in the country.
The two companies have for months been structuring the deal to create a new entity in which Ford will hold a 49 per cent stake, while Indian rival Mahindra will own 51 per cent, Reuters reported in April.
Ford Motor Co. is set to transfer most of its assets in India to a joint venture with Mahindra & Mahindra Ltd. after failing to make meaningful inroads for more than two decades in the world’s fourth-largest automobile market, people with knowledge of the matter said.
Jeff Bezos’ Amazon is reportedly testing a new feature for its popular e-commerce platform to help shoppers discover newly released products. In the latest attempt, Amazon will help customers to decide what to buy, CNBC reported, and the company is testing the feature in select markets for certain customers, a company spokesperson told the news channel.
The soon-to-expand alliance between Ford Motor and Volkswagen AG has the potential to transform the global auto industry and increase pressure on other manufacturers developing electric and self-driving cars, analysts said.
By potentially licensing its electric-vehicle (EV) platform to Ford, VW could guarantee some profit from EVs next year and gain “an unassailable scale advantage in the market,” said Angus Tweedie, a Citigroup analyst.
Mahindra & Mahindra (M&M) and Ford India will jointly develop nine sports utility vehicles (SUVs) starting 2020, with a combined investment of over $600 million (`4,300 crore approx), people aware of the development said.
While six models, including compact and large size SUVs, will be shared by both the companies under a rebadging format, three will be made exclusively for Ford, which will be used by the company in both India and export markets.
Inspired by India colours at the upcoming Cricket World Cup, Ford India has launched a special ‘Blu’ edition of its compact-sedan, the Aspire. “Styled to meet the expectations of the fan as well as the enthusiast, the limited edition Aspire Blu is an all-rounder, thanks to the distinct design, purposeful technology, unmatched power and safety on offer,” the company said in a statement.
US automaker Ford will continue to sell diesel models in India and has no plans to pull the plug on such vehicles, a senior company official Tuesday said.
The automaker, which sells models like EcoSport and Endeavour in the country through a wholly-owned subsidiary, said it would also be ready with BS VI-compliant diesel powertrains for its model range before the April 1, 2020 deadline.
Ford has updated the Endeavour with some subtle enhancements for the year 2019. The 2019 Ford Endeavour is available in a choice of three variants and two engine options. Prices start at Rs 28.19 lakh for the new base Titanium manual variant with the 2.2-litre engine and Rs 30.60 lakh for the Titanium AT variant. The top-spec Titanium+ variant costs Rs 32.97 lakh (ex-showroom Delhi).
Ford Motor Co said on Thursday it is investing more than $1 billion in its Chicago operations and adding 500 jobs as it prepares to launch three new SUVs this year and end production of the Taurus.
Ford said it is building a new body shop and paint shop at its Chicago Assembly plant, and making major modifications to the final assembly area. At Chicago Stamping, Ford is adding stamping lines, the company added.
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