: Ford to shut manufacturing in India after incurring losses of billion #IndiaNEWS Automobile company Ford Motor on Thursday said that will stop manufacturing cars in India owing to “huge losses�,

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Ford to shut manufacturing in India after incurring losses of billion #IndiaNEWS
Automobile company Ford Motor on Thursday said that will stop manufacturing cars in India owing to “huge losses�, Reuters reported. The company’s India unit head Anurag Mehrotra said that the company could not “find a sustainable path forward to long-term profitability�.The move is expected to hit 4,000 employees, according to Reuters. Ford is the third major United States-based automaker to exit India after General Motors discontinued its operations in 2017 and Harley Davidson in 2020.“Despite investing significantly in India, Ford has accumulated more than billion [Rs 1.47 lakh crore] of operating losses over the past 10 years, and demand for new vehicles has been much weaker than forecast,� Jim Farley, Ford Motor Company’s president said, according to Moneycontrol.Ford India will shut its operations at its Sanand plant in Gujarat by end of this year and its Chennai facility by next year.“The decision was reinforced by years of accumulated losses, persistent industry overcapacity and lack of expected growth in India’s car market,� Mehrotra said in a statement.The US automaker had invested more than Rs 1.47 lakh crore at the manufacturing plants at Chennai and Gujarat’s Sanand. The Chennai facility can make two lakh cars and 3.4 lakh engines every year whereas the Sanand plant can produce 2.4 lakh cars and 2.7...Read more

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