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| Ford unveils small car |
| BS Reporter / New Delhi Sep 24, 2009, 00:38 IST |
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Figo to compete with Maruti’s A-Star, Hyundai’s Santro Xing.
Ford India finally unveiled on Wednesday its small car, Figo, for the domestic market. The Figo, which means ‘cool’ in Italian, has been built on a new platform.
“We have invested $500 million (Rs 2,450 crore) towards the development of the Figo, which is for both domestic and export markets,” Ford Motor Company Executive Vice-President (Asia-Pacific and Africa) John Parker said.
The Figo, which would incorporate up to 85 per cent local auto components, would be made available in the domestic market in the first quarter of the calendar year 2010. Ford’s all-new small car will be available in the 1.2-litre (petrol) and 1.5-litre (diesel) engine options. Company officials did not reveal the price at which the Figo will be sold.
The Figo will be produced at Ford’s Chennai manufacturing facility. The company is busy upgrading and doubling its production facility from 100,000 units per annum at present to 200,000 units. The car’s export focus, according to Parker, would be in the Asia-Pacific region.
Ford has a domestic market share of less than 5 per cent. Ford Motor Company President and CEO Alan Mulally said: “Today’s launch of the Figo reflects our commitment to compete in the compact car segment, which contributes around 70 per cent of domestic sales.” But he did not give any indication of the growth he expects from the Figo.
“Our plan for India involves accelerating development of fuel efficient small cars. The small car market in India will double in the next one decade. We know the high importance placed by Indian customers on value for money,” Mulally told reporters here
He said there were no plans for the 600cc segment. “All our efforts is for the Figo right now,” Mullaly said.
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