Early this morning in India, Ford told employees in the Chennai plant that it is dropping plans to manufacturer EVs for export, according to Ketan Thakkar of the Economic Times.
“The company is likely to pursue its initial plans to sell its factories in Sanand, Gujarat and Chennai. The production at both the plants has stopped. While the Sanand plant sale talks with Tata Motors are progressing well, it is still pursuing multiple suitors for its Chennai factory, say people in the know,” the Economic times said. (AutoInformed: Washington Diddles. India Puts Billions into Securing EV Jobs; Ford India Stops Manufacturing Vehicles For Sale; Ford Exec Re-shuffle in Struggling India, South America, China)
In an official response as Ford’s Annual Meeting was underway in the US, Ford India’s spokesperson confirmed and said, “After careful review, we have decided to no longer pursue EV manufacturing for exports from any Indian plant.” At the Annual Meeting Bill Ford and Jim Farley fielded tough questions about its EV strategy, splitting the company into two arms and ongoing supply chain and perennial guilty problems. Ford shares are down ~40% this year. (AutoInformed: Ford Motor Blues – Q1 Loss of $3.1 Billion; Ford Motor Structure Threatens Viability. Vast Reorg Coming)
Back in India, Thakkar observed “The company was selected under the Government of India’s Production Linked Incentive Scheme to avail the benefits, but it may withdraw its application now, as it no longer will be investing in the country.”