Ford Motor Co will stop manufacturing in India and take a hit of about $2 billion as it does not see a path to profitability in the country, becoming the latest automaker to leave a major growth market domi-nated by Asian rivals.
The decision by Ford comes after it struggled for years to win over Indian consumers and turn a profit.
The carmaker entered India 25 years ago but has less than a two per cent share of the passenger vehicles market. In its statement, Ford said it accumulated operating losses of more than $2bn in 10 years in India and demand for its new vehicles had been weak.
“Despite [our] efforts, we have not been able to find a sustainable path forward to long-term profitability,” Ford India head Anurag Mehrotra said in the statement.—Reuters