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Ford slams breaks on joint venture deal with Mahindra

Jan 01, 2021 15:45 IST

Ford Motors has pulled the plug on a proposed joint venture with Mahindra & Mahindra. The US carmaker will continue its standalone business in the country. The move pull curtains on a deal reached more than a year ago under which Ford was expected to fold its local operations, including two factories, into a JV that would be majority-controlled by Mahindra. The companies agreed to terminate the venture after reassessing in part due to the global coronavirus pandemic, they said on Thursday. The automakers had previously said they would cooperate to develop an electric car.