Dearborn, Michigan/IBNS: American multinational automobile giant Ford, which exited India in 2021 over losses and poor sales, could re-enter the Indian market with a global team including CEO Jim Farley as it is set to consider a fresh proposal with a new strategy for the market, reports the Times of India (TOI).

TOI reported, citing its sources, that Ford's India re-entry means new investments, a focus on electrics and sustainability and also work on production for exports.

"A report on the feasibility of re-entering India and the growth potential of the market has been prepared. This will now be considered by the global team at Ford's headquarters. We expect a positive response," a source told TOI.

However, India Blooms could not verify the report independently.

The TOI report said that the Michigan-headquartered auto major is now pinning its hope on the Indian market, while the company believes India will lead volumes for the auto industry globally as many markets in the West have stagnated.

"Feeling is that it is not right to stay out of India, especially as the brand is still well-known to potential buyers," the source told TOI.

Ford, which had begun India operations in 1995 as Mahindra Ford India Limited — a 50-50 joint venture with Mahindra & Mahindra Limited, had reportedly invested over $2 billion in the country and gotten successful with products like EcoSport mini-SUV, Ikon sedan and Figo small car.

Earlier in December last year too, the auto major decided to go back on a deal to sell its Chennai plant to JSW, according to Moneycontrol.

As per the TOI report quoting sources, if a re-entry into India is approved, Ford may still take around one year to start production at the Chennai factory.

"There will be a lot of work that needs to be done, both on the legal side as well as making the plant and machinery fit for making cars again," TOI reported.