 "James Farley, Ford")
Ford Motor Co and Mahindra and Mahindra said in separate statements that the two companies have called off their joint venture. As part of the JV, Ford was to cede most of its Indian operations to M&M. The companies attributed the decision to changes in global economic and business conditions caused, in part, by the global Coronavirus (Covid-19) pandemic since the agreement was first announced.
Mahindra and Ford “have mutually, amicably determined they will not complete a previously announced automotive joint venture between their companies,” M&M said in a late night notification to the stock exchanges. The action followed passing of
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