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Ford Motor Company (NYSE:F) shares are trading slightly lower in the morning session on Wednesday.
The company is engaged in discussions with Tamil Nadu state in India to explore the possibility of manufacturing vehicles for export, the state’s chief minister, M.K. Stalin, said in a post in X, formerly Twitter.
“Had a very engaging discussion with the team from Ford Motors! Explored the feasibility of renewing Ford’s three decade partnership with Tamil Nadu, to again make in Tamil Nadu for the world,” the post read.
According to Benzinga Pro, F stock has lost over 16% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).
Ford, which produced the EcoSport and Endeavour SUVs in India, had less than a 2% share of the passenger vehicle market when it ceased production due to prolonged profitability issues, reported Reuters.
At that time, Ford reported over $2 billion in losses over a decade and weak demand for new vehicles, the report noted. The decision to exit followed the failure to finalize a joint venture with local automaker Mahindra & Mahindra, which would have enabled Ford to manufacture cars in India more cost-effectively.
Ford ceased domestic car production in India in 2021 due to difficulties in increasing volumes and ended exports in 2022, effectively withdrawing from the world’s third-largest car market, which Asian competitors dominate.
In 2023, Ford sold one of its two plants in India to Tata Motors, while its remaining facility in Chennai, Tamil Nadu, was closed.
Price Action: F shares are trading lower by 0.97% to $10.22 at last check Wednesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
