Ford Motor announced that it has decided to pull out of a proposed joint venture with India’s Mahindra & Mahindra citing ongoing global economic and business challenges. Ford (F) said, “the outcome was driven by fundamental changes in global economic and business conditions – caused, in part, by the global pandemic – over the past 15 months. Those changes influenced separate decisions by Ford and Mahindra to reassess their respective capital allocation priorities.” The two companies entered into an agreement in October 2019 under which Ford was expected to transform its Indian operations into a joint venture that would be majorly controlled by Mahindra.
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