While several factors have come together to contribute to the sharp decline in sales, Mahindra & Mahindra managing director Pawan Goenka is of the view that it is hard to point to any one reason that can possibly explain the industry’s worst show in 18 years.

As per the AIS 145 norms, cars will have to be equipped with safety features, including overspeed alert, seat belt warning, airbags, speed warning and reverse parking assist.

"This price increase is due to the implementation of AIS 145 safety norms across all passenger vehicles in India," the company said in a BSE filing.

While six models, including compact and large size SUVs, will be shared by both the companies under a rebadging format, three will be made exclusively for Ford, which will be used by the company in both India and export markets.

The company would be observing no production days during the first quarter ranging between 5-13 days across its automotive and farm equipment sector plants, M&M said in a regulatory filing.

The Mumbai-based automaker alone has invested over Rs 1,000 crore in developing its product range to conform to BS VI norms, apart from big investments also from its component suppliers.

The two companies will be deploying 50 EVs, which include both e2O hatchback and e-Verito sedan models, in a tie-up with taxi partners such as eee-Taxi to begin with in Hyderabad.

The new agreement reinforces the steady progress made since the announcement of a strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018.