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Business News/ Companies / News/  Ford may return to Indian market with focus on EVs: Report

Ford may return to Indian market with focus on EVs: Report

Global auto major Ford Motor is planning a comeback in the Indian market with a focus on hybrid and electric vehicles, utilizing its Chennai manufacturing facility.

Ford Motor to return to Indian market with focus on hybrid and electric vehicles.Premium
Ford Motor to return to Indian market with focus on hybrid and electric vehicles.

With a focus on hybrid and electric vehicles, global auto major Ford Motor is working on a return to the Indian market by using its manufacturing facility in Chennai for the production of these cars, sources told The Hindu Businessline. 

Ford is recalibrating its electric vehicle strategy with EV sales slowing sharply as mainstream consumers balk at high prices and spotty charging infrastructure. 

The automaker has also cut production and prices of its battery-powered Mustang Mach-E, while it pivots to boost the output of gas-electric hybrid models.

The company has recently halted shipments of its F-150 Lightning plug-in pickup for an undisclosed quality issue just weeks after cutting production of the battery-powered model due to slowing sales, Bloomberg reported. 

In an official statement, the automaker said it stopped shipping the Lightning on February 9 “to ensure quality." It did not say when it expects to resume delivering the Lightning to dealers but noted it has started shipping traditional gas-powered versions of the truck, which was redesigned for the 2024 model year.

“We expect to ramp up shipments in the coming weeks as we complete thorough launch quality checks to ensure these new F-150s meet our high standards," the company said.

Meanwhile, a report last month predicted that Electric Vehicle (EV) sales in India are expected to grow at a Compound Annual Growth Rate (CAGR) of 35 percent with annual volumes likely to touch 27.2 million units by 2032. 

The report, 'India Electric Vehicle Market Overview 2023', by energy advisory, software, and services firm, Customized Energy Solutions, also predicted a record-breaking sale of 1.7 million units in 2023.

EV sale in India is projected to touch about 27.2 million units by 2032 and with a CAGR of 35 percent from 2023-2032 under business-as-usual conditions, the report said. 

The central government's commitment to fostering an indigenous EV ecosystem is evident in the approval of a USD 3.5-billion Production-Linked Incentive (PLI) scheme for the manufacturing of automobiles and auto components, thereby nurturing the development of the EV supply chain in the country, it added. 

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Published: 27 Feb 2024, 08:51 AM IST
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