Ford Motor Co said it is looking into the idea of utilising one of its Indian factories to create electric cars for exports, months after the US carmaker said it would stop selling cars in India.
The company sought for subsidies under India's $3.5 billion clean fuel vehicle plan. The government has accepted its request, according to a statement from the corporation.
Ford pulled the plug on the domestic market last year, substantially reducing its presence in a nation that previous management considered as one of its three largest markets. Nonetheless, the corporation has kept its two plants in the nation.
"The decision was bolstered by years of cumulative losses, continuing industry overcapacity, and a lack of predicted development in India's automobile market." Anurag Mehrotra, managing director of Ford India, had stated. "We have not been able to discover a long-term route to profitability that incorporates in-country automobile manufacture."
According to a report, Ford took the choice because it was no longer profitable to continue, and the procedure will take roughly a year to complete.
According to a source, the US carmaker would continue to sell some of its vehicles in the nation through imports, and it will also give assistance to dealers in order to service current customers.
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