M&M, Ford brace for a joint ride to develop electric vehicles, expand reach
Teams from both companies will work together for a period of up to
three years
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NEWS:
Homegrown utility vehicle major Mahindra
& Mahindra (M&M) and American auto major Ford have decided to
look at joint development of products, especially electric and connected vehicles.
The partnership
will also look at expanding Ford’s reach in the domestic market and Mahindra’s
access to global markets. The announcement comes less than three months after
Tata Motors (the only other homegrown player in domestic car market) decided to
end partnership talks with Volkswagen group.
“The changes
facing the automotive industry globally are triggered by the accelerated rise
of new technologies, sustainability policies and new models of urban shared
mobility. Given these changes, we see the need to anticipate new market trends,
explore alternatives and look for ways to collaborate even as we compete and
build powerful synergies that will allow rapid exploitation of new
opportunities,” said Pawan Goenka, managing director at M&M, the country’s
third-biggest passenger vehicle player after Maruti Suzuki and Hyundai.
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