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Mahindra Group and Ford Motor Company have allied to explore a strategic partnership, designed to leverage the benefits of Ford's global reach and expertise and Mahindra's scale in India and successful operating model.
Both the companies will allow each other to leverage their mutual strengths during a period of unprecedented transformation in the global automotive industry. Areas of potential cooperation include mobility, electric and connected vehicles, product development, sourcing and commercial efficiencies.
Ford Motor Company will leverage Mahindra's distribution network in India, while Mahindra Group will leverage Ford's global reach in emerging markets. Teams from both the companies will cooperate and work together for three years, and any further strategic cooperation between the two will be decided at the end of that period.
Jim Farley, Ford executive vice president and president of Global Markets said, "Ford is committed to India, and this alliance can help us deliver the best vehicles and services to customers while profitably growing in the world's fifth largest vehicle market,"
He added, "Our two companies have a long history of cooperation and mutual respect. The memorandum of understanding we have signed today with Mahindra will allow us to work together to take advantage of the changes coming in the auto industry. The enormous growth potential in the utility market and the growing importance of mobility and affordable battery electric vehicles are all aligned with our strategic priorities."
Dr. Pawan Goenka, managing director, Mahindra and Mahindra Ltd elaborated: "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 the exciting new opportunities. Today's announcement builds on the foundation laid through our past partnership with Ford and will open opportunities for both of us."
Mahindra has been leading the utility vehicle (UV) segment in India and is also the only large-scale manufacturer of the electric vehicle. With Ford's technology and its reach in emerging markets, Mahindra will be able to capitalise on it and reach out newer markets.
Ford can make use of Mahindra's wide network in India and leverage its product in the country.