As Ford Motor Co shuts down its manufacturing plants in India, hundreds of workers will lose jobs.
The automotive business includes vehicle manufacturing plants of Ford India in Chennai and Sanand.
US auto major Ford Motor Co will shut its two manufacturing plants in India and will sell only imported vehicles in the country as part of a restructuring exercise, according to people aware of the development. The company, which invested about USD 2.5 billion at its Chennai (Tamil Nadu) and Sanand (Gujarat) plants, will stop selling vehicles such as the EcoSport, Figo and Aspire which are produced from these plants. Going ahead, it would only sell imported vehicles like Mustang in the country.
Highlighting the importance of the Indian market, US auto giant Ford Motor Co on Tuesday had the first public showing of its new mid-size premium car 'Fiesta' with company chairman and CEO Bill Ford promising further investments
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US carmaker Ford Motor Co, which aims to enter the Indian small car market by 2010, plans to make the country a regional hub for exports, both for the cars and engines.
As of Feb. 28, the second-largest US automaker received six reports of tanks with a fuel odour or leak due to the defect.
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Ford India has introduced a new line-up of its mid-size sedan Fiesta in New Delhi.
Mahindra group and Ford Motor Co will jointly develop new SUVs and a small electric vehicle as part of several initiatives to take forward their collaboration pact signed last year.
The company did not clarify if the software error affects only domestic sales or exports from the plant as well
It plans to recall another 700 EcoSport vehicles made between January and February 2016 and fitted with a 60/40 rear folding seat
Ford Motor Co plans to triple exports from India.
Ford dealers in India are staring at huge losses with the automaker deciding to shut production in the country with immediate effect, automobile dealers' body FADA said on Thursday. Terming the company decision as shocking, the industry body noted that the dealers have invested over Rs 2,000 crore in creating sales infrastructure while employing around 40,000 people across the country. "The auto retail fraternity is really shocked to hear another Ford India's announcement where it has said that it will shut down production with immediate effect," FADA president Vinkesh Gulati said in a statement.
Ford to launch new compact car Figo Aspire in India
Automobile dealers' body FADA has urged the government to formulate a task force to monitor the compensation structure being worked out by Ford India for its dealer partners across the country. In a letter to Heavy Industries Minister Mahendra Nath Pandey, FADA president Vinkesh Gulati also requested the government to instruct Ford India to keep the industry body in the loop regarding the compensation structure for the dealerships. "We humbly request your Ministry's intervention... Create a task force which takes day-to-day updates from Ford India to monitor the compensation plan for automobile dealers and dealership employees," Gulati said in the letter.
MNC auto firms that sold cars below cost, at a loss, thereby paying lower excise duty are prime targets.
US auto major Ford Motor Co on Friday said it and India's Mahindra & Mahindra have decided to scrap their previously announced automotive joint venture and it will continue its independent operations in India as it is. The two companies determined that they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the December 31, 2020 'longstop' or expiration date of a definitive agreement the organisations entered into in October 2019, Ford Motor Company said in a statement.
Volvo will hold discussions with its parent company to start assembly operations in India by the end of this year.
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Ford Motor Co on Wednesday said it expects the sale of its two European marques Jaguar and Land Rover, in which India's Tata Motors has evinced interest, to be through either by this year-end or early next year.
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Tata Motors has acquired Ford's British marquees Jaguar and Land Rover for $2.30 billion in an all cash deal, sealing a deal that it pursued for nine months. Under the deal, Tata would continue to source engine from Ford, which would be paying about $600 million toward the pension liabilities of Jaguar-Land Rover employees.
A source close to the company said no appointment was likely until the last week of January or in February.
Teams of both companies are collaborating on all areas of mutual interest including electrification, distribution and product development.
Ratan Tata was one of the world's most influential industrialists yet he never appeared on any list of billionaires. He controlled over 30 companies that operated in over 100 countries across six continents yet lived an unpretentious life. Ratan Naval Tata, who died at a Mumbai hospital on Wednesday night at the age of 86 years, enjoyed a perhaps unique status -- a corporate titan who was considered a 'secular living saint' with a reputation for decency and integrity.
The Chapter 11 protection has been sought for the company and certain of its US subsidiaries. In a statement on Thursday, Visteon said that none of its subsidiaries or joint ventures outside the US are part of the filing.
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies.
Nissan and Renault say they will compete with new models, especially small cars, and by growing their dealer network.
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However, notable absentees from the expo will be Honda, Toyota, Ford, BMW, Audi, Lexus, Volvo and Jaguar Land Rover along with two-wheeler majors Hero MotoCorp, Bajaj Auto and TVS Motor Co.
Many say Tata Motors has perhaps paid the price for being too ambitious.
The model will be equipped with a petrol engine in Thailand.
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