Mumbai: Automobile manufacturers Mahindra & Mahindra and Ford Motor Company have ‘mutually, amicably determined’ they will not complete a previously announced automotive joint venture between their companies.

The action follows the passing of the expiration date of a definitive agreement the organisations entered into in October 2019.

Accordingly, the outcome was driven by fundamental changes in global economic and business conditions — caused, in part, by the global pandemic — since the agreement was first announced.

“Those changes influenced separate decisions by Ford and Mahindra to reassess their respective capital allocation priorities,” M&M said in a statement.

On its part, Mahindra said that this decision will not have any impact on its product plan.

“It (Mahindra) is well-positioned in its core true SUV DNA and product platforms with a strong focus on financial performance,” the statement said.

“In addition, Mahindra is accelerating its efforts to establish leadership in electric SUVs.”