Mahindra Group and Ford Motor Company on Thursday announced that they
will jointly develop new SUVs and a small electric vehicle (EV).
The
development comes as the two companies signed five new memoranda of
understanding (MoU) that further strengthen their strategic alliance and
accelerate the development of key products for consumers in India and
emerging markets.
According to the two companies, the MoUs,
which are non-binding, mark the progress made by the two companies since
announcing their alliance in September 2017.
"Under the
initiatives, Mahindra and Ford will leverage their strengths in the
utility vehicle space to co-develop a midsize sports utility vehicle
(C-SUV)," the two companies said in a statement.
"Built on the
Mahindra platform, the new SUV will drive engineering and commercial
efficiencies and will be sold independently by both companies as
separate brands. Mahindra and Ford also agreed to evaluate
co-development of a compact SUV and electric vehicle, along with sharing
powertrain portfolios, including the supply of Mahindra powertrains to
extend Ford's product range."
The statement added that Mahindra and Ford also announced plans to co-develop a suite of connected car solutions for consumers.
