2020 hasn’t been the year for the carmakers, with many of the companies forced to shut some of their plants, a piece of similar news has arrived from the Indian carmaker Mahindra Suffering major losses in the international markets and is even forced to remove more than half of the workforce from its Detroit plant leaving those employees jobless.
Mahindra has been suffering quite a lot in the American market since its launch of Mahindra Roxor which has been fined with lawsuits for plague by Fiat Chrysler Automobiles for the design similarities to the original Jeep. Due to this reason, the carmakers were not able to bring the Roxor in the American market. Along with this lawsuit the company also had to face the harshness of the COVID-19 period which made the situation worse. Owing to these issues Mahindra had to take some harsh steps to make amends with these losses. However, no exact number of employees who lost their job are specified but guessing from the total number of workers \, the number could be in hundreds.
The carmakers also had to suffer major financial losses at South Korea. SsangYong the Mahindra subsidiary has been declared Bankrupt after the Indian carmaker refused to provide any fresh funds to SsangYong. Mahindra on the other hand is looking for a potential buyer for the company SsangYong which will buy the 75% share currently owned by Mahindra. Not only in South Korea but Mahindra has also shut down their subsidiary at Italy naming Pininfarina Engineering.
As for the Indian market, except for 2 cars (Bolero and New Thar) Mahindra’s products are not enjoying any major audience. Due to this reason the carmaker has been losing major of its share in the Indian market. Due to the declining position of Mahindra in its Home market, the carmaker has decided to focus first to regain its position in its home market.
Mahindra is keeping its fingers crossed for the launch of two of its next-generation models of XUV500 and Scorpio which looking at their previous versions will be a fairly good performer. And as said by the officials Mahindra will be majorly focusing on their SUV market and is also planning to bring an EV model of one of their existing car.
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