Ford becomes latest US carmaker to exit from India

Ford becomes latest US carmaker to exit from India

Daily Current Affairs   /   Ford becomes latest US carmaker to exit from India

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Category : Miscellaneous Published on: September 17 2021

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·         Ford Motor Co. will stop making cars in India and fork out a record nearly $2 billion in restructuring fees, a significant return to a country where previous management had grown into one of its three largest markets.

·         Ford will close an assembly plant in Gujarat by the fourth quarter, as well as vehicle and engine manufacturing plants in Chennai by the second quarter of next year.

·         Ford Motor Company has announced that it will stop producing cars in India as the global auto industry grapples with shortages of semiconductors and other components due to supply chain disruptions.

Important facts

About the ford

v  CEO: Jim Farley;

v  Founder: Henry Ford;

v  Founded: 16 June 1903 ;

v  Headquarters: Michigan, United States

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