The two companies said they have signed five new memoranda of understanding that further strengthen their strategic alliance and accelerate the development of key products for consumers in India and emerging markets. Under the initiatives, Mahindra and Ford will leverage their strengths in the utility vehicle space to co-develop a midsize sports utility vehicle (C-SUV), the companies said in a joint statement. The SUV will be built on the Mahindra platform and will be sold independently by both companies as separate brands, it added. Mahindra and Ford also agreed to evaluate co-development of a compact SUV and electric vehicle, along with sharing powertrain portfolios, including the supply of Mahindra powertrains to extend Ford's product range,it added. The MoUs, which are non-binding, mark the progress made by the two companies since announcing their alliance in September 2017, the statement said. Commenting on the development, M&M Managing Director Pawan Goenka said, Both teams are working together on joint development areas in keeping with industry requirements and leveraging mutual strengths. Ford Executive Vice-President and President of Global Markets, Jim Farley, said With utility vehicles and electrification as key focus areas, we are glad to see the progress our two companies have made.