New Delhi. Veteran American auto company Ford will stop manufacturing cars in India and close its plants in the country. News agency Reuters has given this information quoting sources. With this Ford has become the latest automaker to leave the market dominated by Asian rivals.
According to sources, the American automaker took this decision as it was not profitable to continue it. The process is expected to take about a year to complete.
Ford is the latest automaker to stop production in India. American companies like General Motors and Harley Davidson have already left the market that once promised growth.
Also read- Ola Electric Scooter: Now you can buy Ola electric scooter from September 15, CEO Bhavish Aggarwal apologizes for technical flaw
Ford has been going through a period of struggle in the Indian market for a long time. The decision to stop production in India comes after Ford terminated its partnership with domestic carmaker Mahindra & Mahindra. The company will continue to sell some of its cars in the country through imports. However, Ford has not commented on this subject yet.
Less than 2% market share of passenger vehicles
The company was operating on only about 20 per cent of its installed capacity of 4,50,000 units till July. Ford started its business in India 25 years ago, but the passenger vehicle market in the world’s second most populous country has a share of less than 2 per cent. In India, the company sells Figo, Aspire, Freestyle, EcoSport and Endeavor models. Their price range is from Rs 7.75 lakh to Rs 33.81 lakh.
Read Hindi News online and watch Live TV News18 on Hindi website. Know news related to country and abroad and your state, Bollywood, sports world, business.