Ford India to launch 4 new cars in the next 20 months
The Indian car market is fast paced and has huge potential. Car manufacturers want to capitalize on this and launch new models to expand their portfolio and consumer base. Following its peers, Ford India is also planning to expand its product range for the domestic car market, and in the process boost its sales.
President of Ford India, Nigel Harris mentioned that the car maker is planning to launch as many as 4 new car models in the Indian car market over the next 18 to 20 months. Ford India is planning to increase the localization of parts for its car models in order to reduce the production cost and in the process it will be able to pass on the benefit to the consumer. In the race to launch new cars, Ford is not the only one. Similar to the Indian car makers, foreign car manufacturers such as Volkswagen, General Motors, Skoda and Ford are lining up new car models for the Indian car market to boost their sales. The car makers are motivated to launch new products now, as the market is picking up nicely after a long slump for two consecutive years due to a slow economy. Moreover, the Indian auto industry is further expected to see good growth in this festive season. The car sales in India are expected to grow by 5 to 10 percent this financial year. India is also expected to become the world’s third largest passenger car market by the year 2018 from its current sixth position as per IHS Automotive. Ford’s India sales have increased by 9.5 percent selling 84,469 vehicles in the last fiscal, increasing the company’s market share to 3.4 percent from the previous 2.9 percent.
The American carmaker had announced back in 2010 that it would launch 8 new products based on global platforms, in India by 2015. However, this is unlikely to be met as the company did not launch new cars during the market slump. Harris added in an optimistic tone that the company will be close to its new car launch target by 2015, though few vehicle launches will be delayed by a couple of years. Harris further added by saying that Ford is constantly increasing the sourcing of local components from India, which will help reduce the cost, while also planning to increase its exports from India.
Source : Economictimes