| U.S.-based Ford Motor Company on
Wednesday showcased its newly-developed small car Figo that
would be launched early next year. Specially designed for the
Indian car market, the compact car would be manufactured at
the company's Chennai plant and supplied to the domestic market
as well as for exports.
Ford Motor Company President and CEO Alan Mulally, who was
specially present for the event, showcased the new car before
mediapersons here.
"Our plan for India involves accelerating development
of fuel efficient small cars. The small car market in India
will double in the next ten years; and we are focussing on
this segment. We are investing $500 million in expanding its
production capacities at the Chennai facility to two-lakh
units annually from the existing one-lakh units a year, besides
producing 2.5 lakh engines every year," Mr. Mulally said
Ford India President and Managing Director Michael Boneham
said: "We are confident that the new car will be extremely
attractive to Indian car buyers. It is going to be competitive
with the current market leaders and offer a tremendous value
story for our consumers.."
Figo, designed and engineered to compete in India's small
car segment, leverages Ford's small-car platform architecture,
sharing underlying technology with the sedan Fiesta. Its starting
price could be below Rs. 4 lakh and is likely to be introduced
in both petrol and diesel variants.
Source: Hindu.com
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