Ford Motor Co. is set to transfer most of its assets in India to a joint venture with Mahindra & Mahindra Ltd. after failing to make meaningful inroads for more than two decades in the world’s fourth-largest automobile market, people with knowledge of the matter said.
Pune: Mahindra & Mahindra, India's biggest utility vehicle maker, on Thursday rolled out a subscription-based service for retail buyers of its personal range of cars to boost sales ahead of festive season and amid worst slowing demand.
Under this scheme, Mahindra's vehicles in Delhi (NCR), Mumbai, Pune, Bengaluru, Hyderabad, Kolkata, Chandigarh and Ahmedabad will be available at a subscription price starting from Rs 19,720 per month.
Mahindra & Mahindra (M&M) has deferred its planned capital expenditure of `800-1,000 crore for the auto and tractor segments owing to a prolonged slowdown in auto sales. The company has also put on hold other discretionary capex, managing director Pawan Goenka said on Thursday.
M&M had in late May announced its plan to invest ` 18,000 crore over the next three years, including `12,000 crore towards capital expenditure and `6,000 crore in its subsidiaries.
Mahindra & Mahindra (M&M), along with its local partner in Sri Lanka Ideal Motors, has set up the island nation's first passenger car assembly plant.
The Indian carmaker has set up a joint venture with Ideal Motors, its dealer partner in Sri Lanka for 10 years. The 65:35 JV between Ideal Motors and M&M is christened Mahindra Ideal Lanka Private Limited, which will operate the assembly plant at Welipenna, about 60 km from Colombo.
PUNE: With the automobile industry slipping into a gorge with no visible sign of revival in the near future, Tata Motors, India’s top automaker by revenue, and Mahindra and Mahindra (M&M), the country’s largest utility vehicle maker, have decided to cut production at some of their plants.
With consumer demand subdued, auto manufacturers continue to cut production. Mahindra & Mahindra (M&M) will keep its plants shut for 8 to 14 days in the July-September quarter as demand remains weak and inventory at dealers remains higher than normal.
In the April-June quarter, Maruti Suzuki, Toyota, Honda Cars India and Tata Motors had cut production by 7-18% year-on-year (y-o-y). This is the second consecutive quarter in which the Mumbai-based automaker will be trimming production.
As the automotive industry faces its worst slowdown in the past two decades, Anand Mahindra, chairman, M&M, has sought a re-look at the vehicle registration fees and rollback of increase in road tax of state governments after the introduction of goods and services tax (GST).
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