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The Postal Services NGDV contract known as for the availability and help of as much as 180,000 new postal autos over the course of 20 years, and will method a possible price of over $20 billion.
Mahindra has withdrawn its bid to produce vehicles to the US Postal Service (USPS). The annoncement got here in right this moment’s Q1 FY2021 outcomes. The firm has written off the funding it had made in the direction of this venture. Mahindra was certainly one of solely three producers chosen from a pool of 15 candidates to maneuver on to this stage within the course of, which can be funded by the USPS and embrace an intensive interval of testing and analysis. Mahindra had superior to the prototype stage within the competitors for the United States Postal Service’s (USPS) Next Generation Delivery Vehicle (NGDV) contract. The Postal Service’s NGDV contract known as for the availability and help of as much as 180,000 new postal autos over the course of 20 years, and will method a possible price of over $20 billion.
The Postal Service’s NGDV contract known as for the availability and help of as much as 180,000 new postal autos
Mahindra Automotive North America (MANA), a subsidiary of Mahindra, had plans to arrange a plant in Michigan, US and a letter of intent to take action was signed final 12 months in August. Speaking concerning the write off Anish Shah, Group CFO, Mahindra, mentioned, “We have chosen not to participate in the bid for USPS and we had invested a small amount which would have been in preparation to winning the bid and hence that amount has been written off.”
Mahindra’s choice as a finalist could, partly, be attributable to its historical past of constructing righthand drive industrial autos with a capability for dealing with demanding circumstances. Mahindra’s contract bid was additionally possible fortified by their presence in Southeast Michigan—Mahindra North American Technical Center (MNATC) – and that has been leveraged to its benefit.
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Mahindra had already mentioned that it’ll not make any additional funding in Ssangyong and in addition determined to close down the GenZe operations by the top of 2020. The firm is clearly taking a look at a technique the place in it’s carefully monitoring its companies and strategic partnerships. In truth, the corporate has mentioned that it’s taking a look at an 18 per cent return on fairness on funding from MANA and its different partnerships. We’ll know extra about it quickly.
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