 Car maker Ford India on Sept 14 said it plans to launch eight new products in India by mid-decade, with a view to tap the country's fast growing auto market and to make it an export hub.
Company managing director Michael Boneham told reporters in Bangalore that a significant part of the eight products would be "localised". To a question, he said the company 'has to be there in the small car segment'. He, however, did not divulge details or confirm whether it would mean being present in the sub Rs three-lakh segment.
Boneham was speaking after unveiling the Ford Endeavour three litre 4x2 automatic transmission models. Since inception, Ford has invested close to one billion dollars to expand its India operations.
The company infused 500 million dollars in January 2008 to grow the vehicle manufacturing capacity in Chennai to produce 200,000 units per year and to set up a new state-of-the-art engine manufacturing plant with a capacity of 250,000 units both for domestic and export markets.
Boneham said that the company "plans to be a serious player in India" and would "continue to invest in India" to grow and mark our presence across segments. Besides, he added that Ford India is optimistic about growth in the Rs 15-20 lakh segment as well going by the strides taken by the economy. He, however, admitted that there are issues over raw material and input costs in terms of logistics and transport.
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