M&M, Ford enter into alliance

New Delhi, September 18

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Mahindra & Mahindra (M&M) and Ford Motor Company today inked a pact to explore a strategic alliance covering areas like product development, electric vehicles and distribution in India and abroad.

Under the agreement, teams from both companies will collaborate and work together for up to 3 years to leverage benefits of Ford’s global reach and expertise and Mahindra’s scale in India, the two companies said in a statement.

“Any further strategic cooperation between the two companies will be decided at the end of that period,” they added.

The companies said their alliance would look at areas of potential cooperation including, “mobility programmes, connected vehicle projects, electrification and product development”.

Mahindra & Mahindra Managing Director Pawan Goenka said: “Today’s announcement builds on the foundation laid through our past partnership with Ford and will open opportunities for both of us.”

“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,” he said.

Ford Executive Vice-President and President of Global Markets, Jim Farley said the company is committed to India and the alliance could help it deliver the best vehicles and services to customers while profitably growing in the world’s fifth largest vehicle market. — PTI