Ford Motors Co. has announced that it will launch eight new cars in India and invest about $350 million in its JV with Mazda Motor Corp. for their pickup truck plant in Thailand. Ford says that Asia will account for 70 percent of the company’s global growth in the next decade, most of it from China and India.
“We have massive expansion across the region,” Joe Hinrichs, president of Ford Asia Pacific and Africa, said. “We believe the Indian market at the end of the decade will be the third largest auto market in the world behind China and the US.”
Hinrichs said the new vehicles will be in India’s high-volume, compact car segment as well as luxury segments.
“We’ll have different products to broaden our showroom appeal,” he said.
Ford, which began exporting the Figo to South Africa in May, announced plans to export Figo to North African countries and the United Arab Emirates. The first batch of 10,000 should leave India early next year, Hinrichs said.
Ford launched the Figo hatchback in India earlier this year and it has become a best-seller for the company. Its sales in the period January to July stood at 46,751 units, with most of the sales coming from the Figo.