Ford Planning Expansion in India

Aug. 27 – Following the immense success of its Figo model in the country, U.S. auto-maker Ford plans to introduce eight new vehicles into the Indian market over the next five years.

“We have massive expansion across the region,” Joe Hinrichs, president of Ford’s Asia Pacific and Africa regions, said during an interview on Thursday. “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 U.S.”

The company hopes to repeat the success of it Figo model, which has already sold more than 30,000 units in just 25 weeks. Like the Figo, several of the new vehicles will look to enter India’s popular compact car segment, but the auto-maker also plans to try out more luxurious segments.

“We’ll have different products to broaden our showroom appeal,” Hinrichs said. He declined to say how much Ford plans to spend on the expansion except that “investments will be significant.”

After successfully selling off its beleaguered European assets Land Rover, Jaguar, and Volvo over the past few years, a refocused Ford has its sights set on emerging Asia as its primary source for future growth.

“China and India are the two most important markets for Ford vehicles globally and we are set to increase our commitment and stake in India,” Hinrichs told the Times of India.

The company estimates that the Asian markets will account for 70 percent of Ford’s worldwide growth over the next 10 years with most of that coming from India and China.