Mahindra Group and Ford Motor Company signs deal to develop midsize SUV
Thursday, 18 April: Mahindra Group and Ford Motor Company on Thursday took the next step in strengthening their ongoing strategic alliance in India with a definitive agreement to jointly develop a midsize sports utility vehicle (SUV).
The new vehicle will be a C-segment SUV which could be a replacement for the Mahindra XUV500 and will be cross badged by Ford.
Pawan Goenka, Managing Director, M&M Ltd. said, “I am happy with the significant progress we have made and synergies we have created since the announcement of our strategic alliance with Ford in 2017. Today’s announcement is another significant step in the collaboration between our two companies."
Ford and affiliate companies will invest 6.80 billion rupees ($97.97 million) for the development of the vehicles over a period of 10 years, Mahindra said in a statement.