Ford India to sell its Gujarat plant for Rs 725.7 cr to Tatas
In a regulatory filing on Sunday, Tata Motors - the parent of Tata Passenger Electric - said the Ford India's plant in Sanand in Gujarat includes (i) entire land & buildings; (ii) Vehicle Manufacturing Plant along with machinery and equipment situated and (iii) transfer of all eligible employees of Ford India's vehicle manufacturing operations. The 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.
Workers deal: Hyundai concludes, no progress in Ford India, arbitration in Renault Nissan
On Thursday, Hyundai Motor India announced the signing of a wage agreement with United Union of Hyundai Employees (UUHE). The wage agreement will be effective from 1.4.2021 and valid till 31.3.2024 with handsome wage hike. "Hyundai Motors is a running company. Ours is on the verge of closing," said a worker at Ford India Pvt Ltd's plant near here.
Global shortage forces Ford to sell Explorer SUVs sans chips
The global chip shortage has hit Ford and the automaker is set to start selling and shipping Explorer SUVs without the chips that power rear air conditioning and heating controls. According to a report in Automotive News citing sources, Ford Motor Co plans to ship and sell partially built vehicles that are awaiting semiconductors or related components that control non-safety critical features.
Ford to invest $50 bn in EV biz to compete against Tesla
In its bid to catch up with Elon Musk-run Tesla, Ford Motor Company has announced to increase its electric vehicle (EV) investment to $50 billion through 2026, up from the previous $30 billion investment announcement by 2025. The automaker aims to produce more than 2 million electric vehicles annually by 2026, representing about one-third of Ford's global volume, rising to half by 2030.
Worker compensation talks at Ford India inconclusive
According to a senior worker at Ford India, the younger workers want the remaining years of service to be the factor in calculating the compensation while the normal practice is to take the completed years of service. However, the workers who have age on their side, want some sort of parity in the compensation amount paid for loss of jobs. The management also wants a cap on the compensation paid per worker.
Ford India workers wait in suspense about their future
"The management has told us that no talks have been held with the Tata Group for sale of the two factories. However, news reports are there about the Tata Group in talks with the state government in connection with taking over of the Ford India's plants," a union leader, speaking on condition of anonymity, told IANS.
Ford India head Anurag Mehrotra quits
It is learnt from sources that Balasundaram Radhakrishnan, Director (Manufacturing), Ford India Private Ltd, has been appointed as the Transformation Officer.
India Ratings downgrades Ford India's ratings
According to India Ratings, the outlook is 'Stable' for Ford India which has announced its decision to stop car production in India. "The downgrade reflects the developing implications with respect to the operational and credit metrics of the entity post restructuring, the quantum of outflows on account of the restructuring, and the agreements with various stakeholders," India Ratings said.