The Ford Motor Company said om Thursday that it has decided to restructure its business in India and to cease manufacturing cars there after its operating losses increased to $2 billion over the past decade
WASHINGTON (Pakistan Point News / Sputnik - 09th September, 2021) The Ford Motor Company said om Thursday that it has decided to restructure its business in India and to cease manufacturing cars there after its operating losses increased to $2 billion over the past decade.
"Ford in India today announced it will restructure its operations with plans to significantly expand its Chennai-based Ford Business Solutions team and bring to market some of Ford's iconic global vehicles and electrified SUVs while ceasing vehicle manufacturing in India," the company said in a statement.
Ford said in the statement that it plans to gradually end its vehicle assembly in Sanand by the end of the year as well as the vehicle and engine manufacturing in Chennai by the second quarter of 2022.
However, the company also said it will continue to provide customers with parts, service and warranty support.
To create a more profitable business in India, Ford is going to focus instead on increasing its Ford Business Solutions capabilities in order to create a platform for the company's global transformation, the statement said.
Earlier this year, Ford, the world's fifth-largest automobile manufacturer, announced that it will make all its new European passenger vehicles electric by 2030.
