2018-03-26
Mahindra, Ford sign MoU to co-develop SUVs and a small electric vehicle

Mahindra Group and Ford Motor Company will jointly develop midsize and compact sports utility vehicles and a small electric vehicle as part of several initiatives announced Thursday between the two companies.

The two companies signed five new memoranda of understanding (MoU) as part of the strategic alliance forged in September 2017 to accelerate the development of products for consumers in India and emerging markets.

Under the initiatives, Mahindra and Ford will leverage their strengths in the utility vehicle space to co-develop a midsize sports utility vehicle (C-SUV). “Built on the Mahindra platform, the new SUV will drive engineering and commercial efficiencies and will be sold independently by both companies as separate brands”, the companies said in a statement.

Mahindra and Ford have also agreed to evaluate co-development of a compact SUV and electric vehicle, along with sharing powertrain portfolios, including the supply of Mahindra powertrains to extend Ford’s product range. The duo also announced plans to co-develop a suite of connected car solutions for consumers.

“Today’s announcement is the next step in the collaboration between Mahindra and Ford,” said Pawan Goenka, Managing Director, Mahindra and Mahindra Ltd. “Both teams are working together on joint development areas in keeping with industry requirements and leveraging mutual strengths. We are excited about the synergies unveiled through this collaboration and the potential opportunities it will bring.”

“Ford is committed to offering the best vehicles, technologies and services that fit the lifestyles and preferences of Indian consumers,” said Jim Farley, Ford executive vice president and president of Global Markets. “Listening to our customers and incorporating their future needs is the core premise of this collaboration. With utility vehicles and electrification as key focus areas, we are glad to see the progress our two companies have made.”

Teams from both companies will continue to collaborate and work together, for a period of up to three years, to develop further avenues of strategic cooperation in extending support for Mahindra in global emerging markets, including Ford’s manufacturing and distribution network. The teams will also collaborate to address future mobility needs.

Source- The Economic Times