Ford once exported to growth markets from its manufacturing plant in Chennai.
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) Continue reading
Nissan Posts First Annual Profit in Three Years.
In Japan early this morning, Nissan Motor posted an annual fiscal-year 2021 net profit of 215.5 billion yen (~$1.67 billion) – its first net profit since fiscal year 2018-19. This was better than its forecast of 205 billion yen. However, like Toyota yesterday, Nissan said operating conditions require caution so it is predicting a net profit for the current fiscal year of 150 billion yen. (AutoInformed – Toyota Annual Results Show Profitability Struggle Goes On)
“It is clear that our industry and therefore our performance was impacted by intensifying headwinds in the last fiscal year,” said chief operating officer Ashwani Gupta, warning that conditions remain uncertain to an unprecedented degree.
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