Ford, the American carmaker which has expressed India as one of its most important growth markets is now concerned about the slow down in the Indian market. Ford's president and chief executive officer Allan Mulally in an interview has stated that the company was seriously concerned with the slowdown in the Indian market.
Ford's investments in India have almost doubled after it announced its decision to open a new plant in Sanand, Gujarat. The American carmaker plans to invest $1 billion in the new plant and has already invested$1 billion in its plant in Chennai, Tamil Nadu.
Mr Allan Mulally while speaking about Ford's future plans for India stated that Ford will launch eight new models in India in the next five years. He also said Ford's investments in India would create as many as 5,000 new jobs.
Mr Mulally was speaking in Washington about Ford's Indian plans during an event in which he was honoured by the U.S. India Business Council. There have been reports about Ford slowing down on its second car plant after car sales started to slow down. Mr Mulally has stated that Ford had a long term plan and vision for India and it will stick to it. The EcoSport is the much awaited new launch from Ford in India.
Ford currently sells the Figo hatchback, Fiesta Classic, Fiesta sedans and the Endeavour SUV. The Figo and Endeavour are expected to get a model update soon. The Fiesta is the first new car built using Ford's global car platform. The EcoSport will be the second.
Ford is preparing for the new model launches in India by expanding production capacity in its Chennai plant from the current 250,000 to 340,000. The American carmaker is expecting India to become the world's third largest car market by 2020.
Meanwhile, Mahindra Group Vice President Anand Mahindra was also feted by the U.S. India Business Council for his contribution tot eh auto sector. Mr Mahindra said his company which had a joint venture with Ford in the 90s learned a lot about modern automobile assembly. He also stated Mahindra was aiming to become one of the top three tractor manufacturers in the US.