Ford Motor Co. announced on Thursday, 28th July 2011 that it plans to invest $1 billion to build a factory in western India. This move would be doubling the US car maker’s investment in the country as they seek to gain a greater share in the auto market that is second fastest growing in the world. There are several global automakers in India such as Nissan Motor Co., Toyota Motor Corp., Volkswagen and General Motors that have lined up new models with a focus on export and to boost investment in the country.
The factory has been planned to set up in Gujarat that is ruled by BJP government led by Narendra Modi, who had already lured Tata Motors from Bengal to set up a factory for manufacturing world’s cheapest car Nano. The factory is expected to be up and running by 2014 and it will be having an initial annual capacity of 240,000 vehicles and will employ 5,000 people according to the company sources. Michael Boneham, President and Managing Director of Ford India had said in a statement that they have been aggressively expanding in markets around the world like India where the people want and value fuel efficient and high quality cars. Such markets have major growth potential. He said that the company has currently four plants under construction in China and one in Thailand.
According to Boneham, these new state-of-art facilities will facilitate the company to reach the goal of increasing sales worldwide by about 50% within the mid decade to around 8 million vehicles per year. There has been an increased demand of the compact Figo model by Ford worldwide, which it had began exporting from August last year. More than 60,000 units, including exports in the first months of 2011 was sold by Ford and this resulted in a year-on-year growth rate of more than 50%.
Ford, which also sells the model Fiesta sedan had recently announced that it would invest $72 million to increase the production capacity in the city of Chennai in South India which has its engine assembly plant and also supports its sales and export growth plans.
However, demand for cars in India is expected to fall more than predicted as per an industry body which said this earlier in the month. This is mainly due to the rising interest rates and a hike in fuel prices that are forcing consumers to decrease spending in the third largest economy of Asia.
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