Posted by on September 9, 2021 6:01 pm
Categories: News

Ford to Stop Making Cars in India, Take $2 Billion Hit

NEW DELHI—Ford Motor Co. will stop making cars in India and take a hit of about $2 billion because it does not see a path to profitability in the country, becoming the latest automaker to leave the major growth market dominated by Asian rivals. The U.S. carmaker entered India 25 years ago but still has less than 2 percent of the passenger vehicle market having struggled for years to win over Indian consumers and turn a profit. Ford said in a statement on Thursday that it had accumulated operating losses of more than $2 billion in 10 years in India and demand for its new vehicles had been weak. “Despite (our) efforts, we have not been able to find a sustainable path forward to long-term profitability,” Ford India head Anurag Mehrotra said in the statement. Ford’s decision to cut its losses in India came after leaving Brazil earlier this year. …

Originally appeared on The Epoch Times

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