The latest Ford EcoSport SUV has been launched in the Indian auto market today by its maker, Ford Motor Company. The company has also said that it is going to invest an amount of USD 142 million for developing infrastructure at its Chennai plant for manufacturing this model for the domestic market as well as for exporting it.
The Ford EcoSport has been the second in line of latest global cars that the company has plans of launching in the Indian market, as per a statement issued by the company. Ford is targeting the African and Asian markets in order to cross the figure of 8 million annual global sales of its vehicles by the year 2015.
Ford nearly touched the figure of 100,000 vehicle sales in the Indian market in 2011, which gave it a growth of 15% over sales figures of 2010. The company expects that its sales volume in Asia is going to double by 2020 and contribute one-third of its global car sales.
The Africa President and Asia-Pacific group VP, Joe Hinrichs predicts that the Indian auto market is going to be No.3 worldwide by 2020, just behind United States and China.
The company has huge growth plans for India and particularly expects to take advantage of the increase in per-capita income in Tier II and III cities.
The car sales in India had grown by 30% in the financial year ending March 2011. However this financial is not expected to record any growth as the auto market has been bogged down by increase in cost of manufacturing as well as hike in the interest rates.
Ford is going to invest USD 142 million on its Chennai plant, which has the annual capacity of manufacturing 200,000 vehicles. This plant already manufactures the Fiesta and Figo models of Ford. The Managing Director, Ford India, Micheal Boneham has said that this investment is going to be used for buying equipment that is necessary for manufacturing the Ford EcoSport.
The 2012 Delhi Auto Expo is starting from Thursday.