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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Ford Motor Company | NYSE:F | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.13 | -1.05% | 12.31 | 12.56 | 12.18 | 12.51 | 50,967,565 | 00:59:14 |
From May 2019 to May 2024
By Patrick Thomas
Ford Motor Co. said it will transfer most of its operations in India to Mahindra & Mahindra Ltd. as part of a joint venture with the Indian auto maker.
The company expects to book an $800 million to $900 million noncash charge related to the establishment of the joint venture in the third quarter, it said in a regulatory filing Tuesday.
Mahindra, one of India's largest auto makers, will own 51% of the venture and Ford 49%. The companies value the venture at about $275 million.
Ford said it will transfer most of its operations in the country, including its personnel and assembly plants in Chennai and Sanand.
Ford said it will retain its engine plant operations in Sanand as well as the Global Business Services unit, Ford Credit and Ford Smart Mobility.
The Dearborn, Mich., company said the joint venture is the next step in its alliance with Mahindra and said the venture is expected to be operational by mid-2020.
Ford and Mahindra agreed to a three-year partnership in 2017 to explore potential areas of collaboration on new technologies and retail sales.
Write to Patrick Thomas at Patrick.Thomas@wsj.com
(END) Dow Jones Newswires
October 01, 2019 07:57 ET (11:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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