US carmakerFord Motor Company on Friday said it expects one third of its global sales to come from Asia Pacific region and Africa by 2020.
“We expect one third of our sales to come from Asia Pacific and Africa by 2020,” Ford Motor Company Group Vice PresidentJoseph R Hinrichs told reporters. At present, one out of every six cars sold globally is in Asia Pacific and Africa region.
The US car giant is introducing over 50 new vehicles and powertrains to the Asia Pacific and African region by the middle of this decade as 60-70 per cent of Ford’s growth is expected to come from this region over the next ten years.
Speaking about the company’s growth prospects in India, Hinrichs said it will grow much faster in the middle of the decade due to the economic growth of people in tier II and tier III cities.
“We are going to see immense growth once tier II and tier III cities in the country take off by the middle of the decade,” Hinrichs added.
The company announced investments of Rs 4,000 crore for setting up its second manufacturing facility inIndia with an initial installed capacity of 2.4 lakh units annually. The company, which is present in the country through wholly-owned subsidiary Ford India, will set up the facility in a 460-acre location at Sanand, in Gujarat.
The facility will also house an engine plant having an installed capacity of 2.7 lakh units annually. The proposed investment is likely to create 5,000 jobs in the state. Currently Ford India has its manussfacturing and engine facility in Chennai. It employs over 10,000 people in India across its manufacturing, global business services and IT operations.
Last year the company had announced that it would introduce eight new products in India by 2015 in a bid to tap the burgeoning domestic car market. This month, it has already launched the new version of sedan Fiesta at a price range of Rs 8.31 lakh to Rs 10.51 lakh (ex-showroom Mumbai) as part of the plans.