Ford Motor Co. and Mahindra & Mahindra will not complete an automotive joint venture.
Ford announced the companies’ decision to scrap the joint venture after a Dec. 31 deadline in the definitive agreement passed without resolution.
Changing economic and business conditions over the past 15 months, including those brought on by the pandemic, drove the decision by the two companies, the announcement said.
Ford’s independent operations in India will continue while the company evaluates its businesses around the world in its pursuit of a stronger bottom line, it said.
Source: Industry Week