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(IANS) <ul><li>Ford Motor Co.’s India operations reported a profit of ₹5.26 billion after nearly a decade of consecutive losses. </li><li>The company last announced its profit worth ₹190 million in the year 2009. </li><li>The profits are reported to be driven from domestic sales and exports.</li></ul>Having been in India for 20 years, Ford Motor Co reported profits in India for the first time in a decade <a href="https://www.reuters.com/article/us-ford-motor-india-strategy-focus/ford-goes-local-in-india-aims-for-bigger-slice-of-competitive-market-idUSKCN1NB07P">according to</a> Reuters. For the fiscal year that ended on March 31, the company made a profit of ₹5.26 billion ($72 million). The company’s profits from domestic sales and exports resulting in increase in the <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/fords-india-operations-close-to-posting-profit-this-fiscal/articleshow/65347182.cms">profit margin</a> to over 20% for the third consecutive year. Ever since Ford Motor Co started functioning in India, domestic operations have crossed ₹72.4 billion turnover for the first time, with exports reported to be 2.4 times the local sales. The company’s actually be making profits in the Indian market since 2014, but net profits — that’s actual profits after taking care of expenses — only came into the picture for FY18. However, <keyword id="106216" type="CITY" weightage="20" keywordseo="Ford-India">Ford India</keyword> executives refused to comment on the estimate for the FY18. The company reported losses for years at a stretch, and reported an aggregate loss of ₹34.8 billion altogether for the FY17. Earlier, Ford India announced its profit in the 2009 amounting to ₹190 million. Since then, due to mounting losses and raising doubts, the company launched an initiative to correct the fundamental cost, capacity utilization and the brand. The Emerging Market Operation Model was proposed for execution in the year 2016 focusing on different aspects of business, from administration to marketing and distribution, to cut down the unnecessary cost in order to compete with other giants including <keyword id="44883" type="CITY" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> and <keyword id="596" type="CITY" weightage="20" keywordseo="Hyundai">Hyundai</keyword>.

Ford India finally made a profit of ₹5.26 billion  —  For the first time in nearly a decade

<keyword id="106216" type="General" weightage="100" keywordseo="ford-india" source="Orion">Ford India</keyword> Private Ltd, which is shutting down its plant near here, has arrived at a final severance package settlement with the workers union, the company said on Wednesday. According to Ford <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, as per the agreed settlement, it will revise the final severance settlement to an average equivalent of 140 days of gross wages per completed year of service from the ongoing offer of 130 days. An additional one-time lump sum of Rs 1.5 lakh will also be included in the final settlement. The cumulative severance for each employee will range from a minimum amount of Rs 34.5 lakh and a maximum cap of Rs 86.5 lakh. "The revised settlement will translate to an average of about 5.1 years/62 months of salary for each employee (from a minimum of 3.9 years i.e., 47 months to a maximum of 8.7 years i.e., 105 months)," Ford India said. The formal settlement agreement is planned to be executed before the end of September. The company will notify employees of the next steps and looks forward to completing the exit formalities by September 30, and will continue paying wages to all employees till the date to support the exit formalities. In September 2021, Ford India announced its decision to wind down vehicle assembly in Gujarat's Sanand by the fourth quarter of 2021, and vehicle and engine manufacturing in <keyword id="12864" type="General" weightage="50" keywordseo="chennai" source="Orion">Chennai</keyword> by the second quarter of 2022. Ford India had set up four plants in the country -- vehicle and engine plants in Chennai and Sanand. The company sold its Gujarat facility for Rs 725.70 crore to <keyword id="15050921" type="General" weightage="50" keywordseo="tata-passenger-electric" source="Orion">Tata Passenger Electric</keyword> Mobility Ltd. The plant in Sanand includes the entire land and buildings, the vehicle manufacturing plant, along with its machinery and equipment, and transfer of all eligible employees of Ford India's vehicle manufacturing operations. Ford India will continue to operate its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from Tata Passenger Electric. Tata Passenger Electric has agreed to offer employment to the eligible employees of Ford India's powertrain unit when the latter stops such operations. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/the-adani-effect-ambuja-cements-rallies-40-in-one-month-analysts-suggest-good-days-ahead-for-the-cement-industry/articleshow/94366341.cms">The Adani effect: Ambuja Cements rallies 40% in one month – analysts suggest good days ahead for the cement industry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-pare-losses-as-fed-rate-hike-of-75-bps-is-in-line-with-expectations/articleshow/94365544.cms">Markets pare losses as Fed rate hike of 75 bps is in line with expectations</a>

Ford India finalises severance package with workers at Chennai plant

<a href="http://www.businessinsider.in/searchresult.cms?query=Ford+India&amp;sortorder=effectivedate">Ford India</a> has partnered with R2H Education Private Limited &amp; Shri Balwant Institute of Technology) to launch an <keyword id="3322969" type="UNKNOWN" weightage="60" keywordseo="Automotive-Student-Service-Educational-Training">Automotive Student Service Educational Training</keyword> (ASSET) Centre in Sonepat, Haryana. 
 This exclusive <keyword id="3322970" type="UNKNOWN" weightage="60" keywordseo="Ford-Technical-training">Ford Technical training</keyword> corner will use practice kits to train Mechanic Motor Vehicle (MMV) students on Ford’s exclusive training curriculum. This is Ford’s first <a href="http://www.businessinsider.in/searchresult.cms?query=technical+training&amp;sortorder=effectivedate">technical training</a> collaboration in NCR, and seventh in the country. The American automotive company looks to establish 14 such centers by the end of 2016. 
 
The ASSET training facility is a tri-party initiative involving Ford, the dealers, and the ITI. Ford says this center will open avenues of employment for Indians as they get certified on <a href="http://www.businessinsider.in/searchresult.cms?query=Ford+technology&amp;sortorder=effectivedate">Ford technology</a>. They’ll be able to work across any Ford dealership service networkin the country. 
 
“We envision Ford ASSET program to become the primary source of trained Ford technician who with their knowledge and attention to detail will ensure delightful after-sales experience and help us retain the trust of our customers”, N Prabhu, Vice President, Ford Customer service operations, <a href="http://www.businessinsider.in/searchresult.cms?query=Ford+India&amp;sortorder=effectivedate">Ford India</a> said. 
 
Currently <a href="http://www.businessinsider.in/searchresult.cms?query=Ford+India&amp;sortorder=effectivedate">Ford India</a> has ASSET centers across six cities in India, one each in Kochi, Bangalore, Pune, Mumbai, Mohali and Chennai. 
 
Image credit: Indiatimes

Ford launches one-of-a-kind
Technical Training Centre for students

<ul><li>American car maker Ford may form a partnership with Indian car maker M&amp;M, Reuters said citing sources.</li><li>India's third-largest car maker M&amp;M is likely to own 51% stake in the venture and Ford may own the rest.</li><li>The two companies came together for the first time in 2017 to build SUVs and electric cars.</li><li>Ford would add 14,000 employees, two plants to M&amp;M and both companies had similar sales in 2018.</li><li>In 2018, Ford's India division swung to profit for the first time in eight years.</li></ul>American car maker Ford's solo drive in India is likely to end. The company may form a joint venture (JV) with the Indian conglomerate, Mahindra &amp; Mahindra, according to a report citing sources from news agency Reuters. Both companies have refused to confirm Reuters' report that said M&amp;M will own 51% stake in the JV, while Ford will own the rest. If this stake sale goes through, this will be a milestone in the history of the Dearborn, Michigan-based company that entered India nearly 25 years ago. "Since its entry in India in 1995, Ford has invested more than US$ 2 billion to expand its manufacturing facilities and sales &amp; service footprint to meet the demand in one of the world's fastest-growing auto markets," according to its website. M&amp;M, on the other hand, is the country's <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/three-launches-help-mm-retain-third-spot-in-passenger-vehicle-sales/articleshow/68770337.cms" data-type="tilCustomLink" target="_blank">third-largest passenger vehicle</a> maker, whose automotive business spans from sports utility vehicles (SUV) to tractors and buses, from heavy engines to electric cars. The company bought over Korean peer Ssangyong in 2011 and an Italian graphic design firm in 2008. However, the country's automobile industry has been reeling under pressure from slowing car sales in recent months. What M&amp;M gets... Most importantly, in 2018, Ford's India division <a href="https://m.economictimes.com/industry/auto/auto-news/ford-motor-india-drives-into-profit-zone-after-eight-years/articleshow/66453826.cms" data-type="tilCustomLink" target="_blank">swung to profit</a> for the first time in eight years. About 85% of the components are locally sourced. Ford has integrated manufacturing facility at Maraimalai Nagar, near Chennai, produces its popular models like Ford EcoSport and Ford Endeavour. It also has, according to the company, a "$1 billion state-of-the-art integrated manufacturing facility in Sanand, Gujarat," which became operational in March 2015. M&amp;M has 16 plants dotted across the country. The annual installed manufacturing capacity is 610,000 engines and 440,000 vehicles. <a data-type="tilCustomLink" target="_blank">Total sales</a> for the year-ended December 2018 were at 265,714 units, just marginally up from a year earlier. In the same time, M&amp;M sold over 250,000 vehicles, including exports. Ford has more than 376 sales and service outlets in 209 cities across India. It will also bring to the table 14,000 employees. The synergies Just like Ford, M&amp;M's top-selling brands are SUVs and that segment is in a tight spot. While the demand is weak, emission norms are scheduled be tightened next year and that would make diesel cars, especially the gas-guzzling SUVs less attractive. Coming together would reduce competition and ease the pressure on the business. The two companies tied up in 2017 to build cars together and the <a href="https://www.livemint.com/Auto/OZIyEUKiu91VH2APzOspjK/Ford-posts-a-profit-in-India-20-years-after-driving-in.html" data-type="tilCustomLink" target="_blank">first model is expected to be out</a> in the financial year ending March 2020. M&amp;M on the other hand has been a pioneer in India's nascent electric car market, a growing space which Ford is absent from. The Mumbai-based company is planning to double its electric vehicle (EV) portfolio in three years. The current EV manufacturing capacity is 5,000 and the <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mm-plans-to-double-its-electric-vehicles-portfolio-in-3-years/articleshow/63089182.cms" data-type="tilCustomLink" target="_blank">firm plans to increase</a> it to 60,000-70,000 in a year. SEE ALSO: <a href="https://www.businessinsider.in/shark-tanks-kevin-harrington-invests-in-retail-store-the-new-shop/articleshow/68796960.cms" data-type="tilCustomLink" target="_blank">Shark Tank’s Kevin Harrington is back in India after 25 years to invest in a pop-up store chain</a>

You Searched For "ford india" and got 4 results

Ford India finally made a profit of ₹5.26 billion — For the first time in nearly a decade

BI India Bureau

Ford India finalises severance package with workers at Chennai plant

IANS

Ford launches one-of-a-kind Technical Training Centre for students

BI India Bureau

Ford may enter a joint venture with M&M ending a 25-year old solo ride that cost $2 billion: Report

Sriram Iyer

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