Ford India has reportedly approached many of its rival brands for their local manufacturing operations or to manage production deals.
- Ford India approaching many rival brands to manage its domestic operations
- Not too long ago the joint venture between Ford and Mahindra has been called off
- Final decision will likely to happen in coming months’ time and future of 16000 personal
Ford India is reportedly looking for a new car automaker to either take over its domestic operations or they have to sell its major production plant in India. According to a report indicates that the American auto major has been reached out to at least six automakers for their operations. A couple of months ago, speculation surfaced in the market that ford would decide on its investment plans for India in the second half of this calendar year.
Ford Senior executive Steven Armstrong was supposed to assign to the duties of regarding the money allotment plans for the local market as he was believed to speed up the process of their Indian market operations with capital investment. Not too long ago in February 2021, the joint venture between Mahindra and American manufacturer Ford was called off due to some financial issues, and so were the investment plans and the products in the pipeline.
It appears to be the major blow for the brand and sought to many automakers which include Skoda Auto Volkswagen, Hyundai Motor, Tata Motor, SAIC Motor, MG Motor, and Chongqing changing automobile company. However, we have seen manufacturers making abrupt decisions in the past. Ford is reportedly looking to meet the Mid-term target of 8 percent EBIT margin by 2023 announced by CEO Jim Farley. The report further claims that ford shut down or sell one of its biggest production plants as its domestic sales and export numbers have fallen in recent years. A decision likely happens in two months and it would decide the future of more than 16000 personnel on board.