Mahindra & Mahindra and Ford Motor Company on Monday signed a deal on a strategic alliance to explore product development, manufacturing electric vehicles and distribution in India and abroad.
The two companies will collaborate for up to three years to leverage the benefits of Ford’s “global reach and expertise” and Mahindra’s scale in India, a filing at the Bombay Stock Exchange said. Any further strategic cooperation will be decided after that period.
“The agreement between the two companies will allow each to leverage their mutual strengths during a period of unprecedented transformation in the global automotive industry,” they said.
The partnership will also cover areas such as mobility programmes, connected vehicle projects and electrification.
“Today’s announcement builds on the foundation laid through our past partnership with Ford and will open opportunities for both of us,” Mahindra & Mahindra Managing Director Pawan Goenka said, referring to their 50:50 joint venture, Mahindra Ford India Ltd, from the mid-’90s.