Ford Motor Credit Co. will offer vehicle financing in India for the first time, with the launch of Ford Credit India, the company announced on Dec. 22. In a press release, FMCC announced that it had received a license from the Reserve Bank of India to operate as a non-banking financial company. The company plans to offer dealer wholesale inventory financing in the first quarter of 2015, and consumer retail financing later in the year.
“Ford Credit is a great partner and helps us meet customer needs globally. We are excited to have the team establishing operations here to support our growth plans,” Nigel Harris, president and managing director of Ford India, said in the release. “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.”
India is a key market in Ford Motor Company’s Asia Pacific strategy, Ford said, and as part of its overall commitment to India, it plans to invest $2 billion in the country, nearly half of which is being spent on a new manufacturing facility in Sanand, Gujarat. That will nearly double the company’s installed production capacity in the country to 610,000 engines and 440,000 vehicles a year. “Through our full-service financing operation,” Mark Constable, managing director of Ford Credit India said, “Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India.”
