Ford said that it had invested about $2 billion in India in the last 25 years and that its business there was profitable in 2018. The company expects to book a charge of $800 million to $900 million in the third quarter to reflect the decline in the value of its assets there.

David Whiston, an analyst at Morningstar, said the joint venture should leave Ford with a healthier position in India. “This is isn’t an easy market to operate in, and now they are shouldering some of the burden with Mahindra,” he said. “This protects their risk on the downside.”

The joint venture with Mahindra signals a major shift in Ford’s strategy in India, an emerging market where it was once expected to see rapid growth. In the past decade, Ford closed its plants in Australia and invested heavily in India, expanding the Chennai plant and building a second factory in Sanand, in western India. It also tried to develop a car to be priced at about $10,000 for India and other emerging markets like Brazil.

The company imports the EcoSport, a small S.U.V., into the United States from its Chennai plant.

But the Indian auto market has not grown as many experts had expected. About four million passenger cars were sold in India in 2018, well below the 28 million sold in China.

Ford and Mahindra said their joint venture was expected to introduce three utility vehicles under the Ford brand, including a midsize S.U.V. built on a Mahindra platform. The companies also said they would collaborate on developing electric vehicles. Together, the companies have the capacity to produce 1.2 million vehicles a year in India, although they are operating well short of full capacity.

Working with Mahindra will allow Ford to fill its plants faster than it could have on its own, Mr. Hackett said.

Anand Mahindra, chairman of the Mahindra Group, said the joint venture should generate a profit before interest and taxes in its first year of operation.