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The COVID-19 pandemic has hit the world hard. Businesses across the globe have either slowed or have been shut down. The automobile industry across the world has also taken a bit hit and many dealerships across the country have suffered major losses or are on the verge of shutting down.
Now, since the government has eased the lockdown slightly, businesses have started resuming slowly and steadily. Ford and Mahindra had entered into a joint venture last year and were supposed to launch their new joint venture company this year, which got delayed due to the global crisis. However, according to a report by CarandBike, the company has stated that the work for the joint venture company hasn't stopped and it's very much on track.
Rajesh Jejurikar, Executive Director, Auto and Farm Sector, Mahindra & Mahindra also mentioned that there has been no particular dates given as to when the joint venture company will start. It all depends on when the government office opens and after all the formalities are completed then only can a date be given.
Coming back to the joint venture, according to the agreement signed by both the companies, Mahindra will own the controlling 51 per cent of the stake, while on the other hand, Ford will own 49 per cent of the stake. The joint venture company will have a Mahindra elected Chairman, while both will have 50-50 representation on the board.
As part of the joint venture, both companies are likely to bring in new SUVs to the Indian market, click here to read more. Both Ford and Mahindra are co-developing four new SUVs for the Indian market, which includes two SUVs each from either of the brands. Among the four new models, one of the vehicles is expected to be the next-generation Mahindra XUV500 (codenamed W601) and its respective Ford derivative, codenamed W605.
There will be two more offerings from Ford and Mahindra and those cars will be positioned below the XUV500. The smaller Mahindra and Ford SUVs are codenamed the S204 and the B745, respectively.
Thoughts About The Ford And Mahindra Joint Venture
The joint venture between both Ford and Mahindra will be beneficial for both the companies. We are eagerly waiting for the first product from the joint venture company.