This comes months after the US-automaker said last year that it was taking a hit of about $2 billion because it does not see a path to profitability and was leaving the major auto market
Months after shutting its shops in India, Ford Motor is once again looking to reignite its production for vehicles in the country, but for electric vehicles this time.
Ford said that it is considering producing electric vehicles (EVs) in India for export, and possibly for sale in the domestic market. The plants that the company had in the country for manufacturing ICE vehicles is likely to be used as as an export base for EV manufacturing.
This comes months after the US-automaker said last year that it was taking a hit of about $2 billion because it does not see a path to profitability and was leaving the major auto market.
Ford is increasingly targeting customers in what it said was a “global electric vehicle revolution”. The automaker has previously said it plans to invest $30 billion in EVs and batteries through 2030.
Notably, this development takes place as the government has launched a Rs 25,938 crore production-linked incentive (PLI) scheme for Automobile and Auto components which proposes financial incentives to boost domestic manufacturing of Advanced Automotive Technology products and attract investments in the automotive manufacturing value chain.
Recently, the Centre has approved 20 applicants under the “Champion OEM Incentive Scheme” of the PLI Scheme. A total of 115 companies had applied for the PLI scheme.
