Ford and Mahindra announced a new, $275 million joint venture as the American automaker seeks to rejuvenate its business in India.
According to reports, Mahindra will own a 51 percent controlling stake in the partnership with Ford holding the remaining 49 percent. The two companies will create three Ford-branded vehicles, including a midsize SUV. Both companies also said they would consider collaborating on an electric vehicle through the joint venture.
While the automakers will develop vehicles together, none of them will be joint branded. The joint venture marks the second major partnership Ford has entered into this year after announcing an alliance with Volkswagen in July.