Ford Motor Co. and Mahindra & Mahindra have decided not to complete an automotive joint venture that the two companies announced in 2019, according to a press release on the Ford Motor Co. website.

The decision to scrap the joint venture follows the passing of the Dec. 31, 2020, expiration date of a definitive agreement the companies entered into in October 2019.

Changing economic and business conditions over the past 15 months, including those brought on by the pandemic, drove the decision by the two companies, Thursday’s announcement said.

Ford said its independent operations in India will continue as is, while the company is “actively evaluating” its businesses around the world in its effort to achieve an 8% company adjusted EBIT margin and generate “consistently strong” adjusted free cash flow.