Mahindra, Ford to co-develop mid-sized SUV for India, emerging markets
The new mid-sized sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies.
Mahindra & Mahindra (M&M) and Ford Motor Company on Thursday said they have signed a definitive agreement to co-develop a mid-sized SUV for India and other emerging markets. The new agreement reinforces the steady progress made since the announcement of a strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018. The new mid-sized sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies.
"Having identified several areas for joint development, both companies will continue to work together to develop products using common product platforms," M&M Managing Director Pawan Goenka said in a statement. This will reduce product development costs and gain economies of scale for both companies, he added. President of Ford New Businesses, Technology and Strategy Jim Farley said that with the new pact the company will not only strengthen its ongoing partnership with Mahindra, but also sharpen its competitiveness in an important emerging market like India.
Watch Zee Business Live here
"Ford's technological leadership combined with Mahindra's successful operating model and product prowess will surely help us deliver a vehicle that will meet the expectations of customers in India as well as other emerging markets," he added. The strategic alliance between the two companies is focused on leveraging the benefits of both companies -- Ford's global reach and expertise and Mahindra's scale and successful operating model in India, he said.
Watch this Zee Business Video
Teams from both companies continue to collaborate on all areas of mutual interest including electrification, distribution and product development. Ford has already signed an agreement with Mahindra Group to develop and supply a low-displacement petrol engine for use in Ford's present and future vehicles, beginning in 2020. Mahindra and Ford had also announced joint development of a telematics control unit.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
01:21 PM IST