Indian automaker Mahindra & Mahindra (M&M), which has plans to invest Rs 800 crore towards product development and capacity expansion in its electric vehicle business, is set to give Ford its cheapest electric car globally.
Electric vehicles are the hot trend in global as well as Indian automobile market, they are the new thing and every company wants to get into it. Not staying behind in the trend, India automobile maker Mahindra & Mahindra, also known as M&M recently revealed its plan to invest Rs 800 crore towards product development and capacity expansion in its electric vehicle business by doubling up its portfolio and bring on road at least four new models in the segment in the next three years. To take the electric dream to another level, M&M has joined hands with Ford and has already started work on a new platform to develop an SUV that would be sold under their individual branding.
Mahindra and Ford have signed a MoU in September last year, under which they have agreed to “leverage their mutual strengths during a period of unprecedented transformation in the global automotive industry”. The MoU will last for three years as a part of initial phase and will be extended as per mutual terms. The MoU is intended to develop joint efforts so that both companies can utilize their expertise in working on striking synergies and areas for mutual benefit. It is also reported that M&M has helped Ford develop an electric version of its Aspire entry sedan, and this can hit the market by next year.
With Mahindra on the side, it will be possible for Ford to develop “affordable electric vehicle” in India “substantially quicker” and ahead of launch by even market leader Maruti Suzuki, which has announced a 2020 entry into electric vehicles. Using the incentives under the FAME (Faster Adoption and Manufacturing of Electric Vehicles) Scheme, M&M is predicting massive potential to grow electric vehicle sales; and by joining hands with Ford, it will provide them necessary foundation. As per TOI report, an internal resource said, “Ford has gained tremendously from Mahindra’s strength in electric vehicles technology. The Aspire will be the first to hit the roads and, unlike its existing petrol/diesel version, which is less than 4 metres in length, the electric variant will be a longer one.”