AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- The Michigan-based company had said in September that it was taking a hit of about US$2 billion in India, and profit looked unachievable.
- The company had previously said it plans to invest US$30 billion in EVs and batteries up to 2030.
- Ford had said last week that it would start deliveries of its new EVs, F-150 Lightning and F-150 Lightning, in the US in Spring.
Ford Motor Co (NASDAQ:F) may produce electric vehicles in India for exports, the company said on Friday, months after it announced the closing of operations in the country due to lack of profitability.
In a statement on Friday, cited by Reuters, the company said it was "exploring” the possibility of manufacturing EVs at one of its two plants in the country as an export base.
A spokesperson for Ford India added that the company does not have any immediate plans to sell the cars in the domestic market; still, the possibility is “not out of the realm of future consideration".
Ford's comments on Friday follow India's approval of its proposal seeking US$3.5 billion in incentives under a government scheme for clean-energy vehicles.
In September, the Michigan-based company had said that it was taking a hit of about US$2 billion in India and did not see a path to profitability.
According to Reuters, the American auto giant had less than a 2% stake in the domestic passenger vehicle market when it ceased operations and struggled for over two decades to make a profit.
The company has previously said it plans to invest US$30 billion in EVs and batteries up to 2030.
Ford had exported India-made vehicles to the North American and European markets before.
The Modi government’s incentive scheme is part of a plan to cut oil imports and reduce pollution, the report said. The scheme provides benefits of up to 18% of new investments made by EV companies.
Also Read: Zillow (ZG) stock roars higher after plans to replace home-flipping business
Source: Pixabay
Also Read: US stocks slip as oil prices rise to 8-year high; KOS, XOM top gainers
US Deliveries
Ford had said last week that it would start deliveries of its new EVs, F-150 Lightning and F-150 Lightning, in the US in Spring. On February 8, it began shipping its E-Transit commercial vans across the US.
Ford said it received orders for 90,000 new vehicles and sold 143,531 vehicles in January.
In January, Ford's retail sales were up 37% in the domestic market.
The company plans to invest over US$30 billion through 2025 to cater to the increasing demand for EVs.
The Ford (F) stock was down 2.93% to US$17.55 at the close on Friday.
