Ford India launches new Figo variants, old one out of production

Ford India has launched a new variant of its popular small car Figo and in effect stop production of the old Figo. The new variants are priced at Rs 3,84,999 (petrol) and Rs 4,81,999 (diesel), ex-showroom Delhi.

The car maker expects sagging car demand to get a boost during the forthcoming festive season. Ford India had reported 8.29 per cent decline in sales in September at 9,418 units.

"It's a competitive market. Due to high inflation consumer sentiment is down. We will start to see a turnaround hopefully with the festive season," Ford India President and Managing Director Michael Boneham said.

"We will be seeing a lot of sales, I hope. The order book is looking quite encouraging," he added.

Stating that growth has been flat in the recent past, Boneham said: "Remember, we are all used to the massive growth two-and-half-years ago... We had growth of 30 per cent year-on-year. That is not sustainable. I think a 10-15 per cent growth is what we need to see. We are looking at the long-term. We are confident that by 2020, this will be our third largest market."

He further said sales of its small car Figo are likely to improve with better macroeconomic environment, claiming the car's sales year-after-year have been growing by 10 per cent.

On the new plant in Gujarat, where the company has invested about $1 billion to build a new manufacturing and engine plant, Boneham said: "We are on track with construction. I went there two weeks ago and was very pleased. We are going to have 3,000 people on site. The first vehicle and engine are scheduled to come in 2014."

Ford currently exports to 35 countries from its Chennai facility, and is also looking at 15 new markets for exports. "We are looking at the North African hub and the other developing markets for exports now," Boneham added.


With inputs from PTI