One of the world’s biggest carmakers, Ford Motor Co, is looking to head to the top in India’s automobile market, considering it to be a fastest growing car market. Sale of cars and SUVs in India grew a record percent in 2007.
Ford is lining up major investments in India and targeting to increase employees to 3,600 by 2010. It plans to expand its plant capacity as well as inflate the small car project in India. This car manufacturer plans to raise the annual production capacity at its plant near Chennai to 2,50,000 engines (5 times more than current capacity) and 2,00,000 cars (2 times more than current capacity).
Ford, in the first week of January 2008, declared its plan of investing as much as $500 million in India to increase the capacity of its production plants and also to start up a small car project for the growing middle-class Indian population.
At present, Ford produces the Ikon, Fusion, Fiesta, and Endeavour for the Indian market. Entry into the small car segment in India will be a first for Ford and the competition is mainly going to be with the current small-car pros – Maruti Suzuki and Hyundai.
Ford sold more than 40,000 vehicles in India in 2007, which is almost double their sales figure in 2005.