With vehicle sales in India skyrocketing 31% in July, it’s no wonder Ford Motor Co. is looking to get in on the action.
The carmaker announced today that it would launch its first small car in India next year. The four-door hatchback is called the Figo, Italian slang for “cool.”
“We expect the small car segment to double in volume during the next 10 years,” said Michael Boneham, president of Ford India. “When we look out the next 20 years, we see about one-third of all vehicles being purchased in the Asia-Pacific region.”
Ford has invested $500 million to double capacity at its plant near Chennai, where it hopes to produce 200,000 cars a year.
Ford declined to offer pricing info on the Figo, but chances are slim it will compete with Tata Motors’ Nano, the $2,000 no-frills vehicle that debuted in India this summer.
