Mahindra, Ford Sign 5 Deals To Develop Electric Vehicles, SUVs

Mahindra, Ford Sign 5 Deals To Develop Electric Vehicles, SUVs

Mahindra and Mahindra Ltd and Ford India Pvt. Ltd on Thursday said they have agreed to jointly develop connected vehicles, electric cars, drivetrains, compact SUVs and mid-sized SUVs.

The two companies have signed five non-binding memoranda of understanding (MoU) to cover each of the above segment, Mahindra said in a BSE filing, formalizing an alliance announced in September to co-develop a range of vehicles for India and other emerging markets.

The maker of the Scorpio SUV cited the “potential for shared investment, economies of scale, technology sharing and higher efficiencies in areas like product development and sourcing as also in new emerging growth areas of electrification and connected vehicles.”

The announcement is the next step in the collaboration between Mahindra and Ford, Mahindra managing director Pawan Goenka said in the filing.

“Both teams are working together on joint development areas in keeping with industry requirements and leveraging (our) mutual strengths. We are excited about the synergies unveiled through this collaboration and the potential opportunities it will bring”, he added.

Specifically, the two automakers will co-develop a small electric car. On 9 October, Mint reported that Mahindra would share its affordable EV technologies with Ford, which the American company plans to use in its small entry-level cars such as Figo and Aspire. Read More

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