Ford is ending production in India and taking a $2 billion hit in the process

CNN2021-09-13

New York/New Delhi (CNN Business)Ford is ending production in India and taking a hit of $2 billion as it retrenches from a market that has been almost impossible for American automakers to break into....

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精彩评论

BlueDaisy
2021-09-13
BlueDaisy
It's better to invest in China
w8w8
2021-09-13
w8w8
Teamed
KolinRRJ
2021-09-13
KolinRRJ
Oh no
FlareSpark
2021-09-13
FlareSpark
Messy policy make investor run away
- breAkdaWn:
  insanely high management salaries
TVermeulen
2021-09-13
TVermeulen
Chop chop
- ORNEGU:
  up
Weeckee
2021-09-13
Weeckee
Hope they justify their action to lose 2N

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CEO Jim Farley said the move was \"difficult but necessary\" to achieve long-term growth.\n\"Despite investing significantly in India, Ford has accumulated more than $2 billion of operating losses over the past 10 years and demand for new vehicles has been much weaker than forecast,\" Farley said.\nFord's India head, Anurag Mehrotra, said that the unit has not been able to find a \"sustainable path forward to long-term profitability that includes in-country vehicle manufacturing.\" He added that the decision was \"reinforced by years of accumulated losses, persistent industry overcapacity and lack of expected growth in India's car market.\"\nTwo Ford plants in the cities of Sanand and Chennai will shutter in the coming months and the company will \"work closely\" with employees affected by the closures.\nFord (F) has long struggled in India, which was the world's fifth largest auto market last year. The automaker began operations there in 1995, and has invested more than $2 billion in the country over the past 25 years.\nBut it has barely picked up any market share. Ford's control of the market stood at roughly 1.8% in July, down from nearly 2.1% a year ago, according the Federation of Automobile Dealers Associations, a body representing automobile dealers.\nTop carmaker Maruti Suzuki — an Indian firm owned by Japan's Suzuki Motor Corporation — had nearly 45% market share in July, while South Korea's Hyundai (HYMTF) controlled 17%.\nEven with those challenges, the decision to end production surprised some industry experts.\n\"It has come as a shock since they had invested so much in India,\" said Hormazd Sorabjee, editor of Autocar India. He attributed Ford's problems to the company's inability to \"get the Indian psyche,\" saying that the automaker had spent money in areas that customers did not appreciate.\nSorabjee pointed, for example, to the Sanand plant, which he argued was too costly. (The factory cost $1 billion and opened in 2015, according to Reuters.)\n\"It is built like a Taj Mahal,\" he added. \"The western manufacturers just don't think frugal.\"\nIn 2019, Ford reached a deal with local rival Mahindra to transfer most of its Indian business into a new joint venture, but the deal fell apart late last year. The companies cited \"fundamental changes in global economic and business conditions\" caused in part by the pandemic.\nFord is the latest US carmaker to cut back its India business in recent years. 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He called the market \"price-sensitive,\" adding that the average selling price of a new car is about $10,000.\nThat cheap car market is \"locked by a handful of manufacturers\" who have figured out how to operate in Asia's third largest economy, Sorabjee said.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":888402928,"gmtCreate":1631514507464,"gmtModify":1631884234728,"author":{"id":"3582677971530678","authorId":"3582677971530678","authorIdStr":"3582677971530678","name":"BlueDaisy","avatar":"https://static.tigerbbs.com/0747094283743978b62fb8b1ee2cf44c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582677971530678"},"htmlText":"It's better to invest in China","listText":"It's better to invest in China","text":"It's better to invest in 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