Force Motors, a commercial vehicle maker in the Indian market that had recently marked its debut in the passenger vehicle segment, said on Thursday that its joint venture with Germany's MAN Truck & Bus AG, had never lived-up to firm’s expectations.
While speaking to the reporters in the National Capital on Thursday, Force Motors Managing Director Prasan Firodia, said, "The JV never lived up to our expectations." He added that "Earlier, we were a standalone entity and were producing the vehicles under a license agreement from MAN. Later they wanted to form a JV with a promise of exporting 12,000 units every year. However, exports never took off.” He was commenting on the performance of the MAN FORCE Trucks Pvt. Ltd (MFTPL), a joint venture firm that came into existence in year 2006.
It is to be mentioned here that Force Motors had parted its ways with its German partner last month by selling its 5.58 lakh shares in the venture for over Rs 1,050 crore.
According to the company, it has no plans of tie-up with any firm in near future as it wants focus on the passenger vehicle segment. Besides selling a number of commercial vehicles, the company also sells sports utility vehicle Force One in the Indian auto market.
