TRENDING ON ONEINDIA
- Operation Khanij Khoj: Why Opening Up Virgin Forests For Iron Ore Is Disastrous For Ballari
- Ayushmann Khurrana's Wife Tahira Kashyap Diagnosed With Stage 0 Breast Cancer!
- Facebook To Soon Unveil New Video Chat Device Called “Portal”
- What Causes Viking Disease And How Does It Develop?
- Agra Has A Red Taj Mahal! Did You Know About It?
- Ford Freestyle To Be Updated With New Features And Colour Option
Ford plans not to launch any new cars in the Indian market till 2020. The American car manufacturer has also decided to slow down hiring in India, while also doing away with one of the two annual increments.
Ford India is said to be working towards aggressive cost-cutting measures, to realise profits. For now, all future product introductions will be through the joint development between Ford and Mahindra.
According to TOI, Ford India will also be moving from their corporate office in Cyber City, Gurgaon to a relatively smaller location in the same city. This is to further help them reduce the rental costs of their current office. Ford will also be shifting a large number of its employees to Chennai.
A spokesperson from Ford has stated, "The focus on driving competitive costs is important to ensure operational fitness. We are reducing material and structural costs to ensure we use our capital in areas that customers appreciate and value."
He further added, "Each and every position is being evaluated thoroughly. There are positions in many departments which are vacant." However, the spokesperson did mention that hiring will still be done at the company's engineering and technology centre in Chennai.
Ford India sales have reportedly been flat all-through last year. Although, the company did perform well in the export market. The export market for Ford India grew to USD 3.4 billion (approximately Rs 22,393 crore) in revenues in 2017-18, against the USD 2.8 billion (approximately Rs 19,385 crore) Rs in the previous year.
The company in 2017, registered a marginal one percent increase at 87,588 units in sales in the domestic market, as compared to exports which grew by 15 percent to 1,75,196 units.
Thoughts On Ford In India
India is said to be one of the most promising car markets in the world. However, Ford is still facing declining sales in the market. The company recorded just 33 percent of its overall revenue from the Indian market while performing exceedingly well in exports. This is a raising concern for Ford in India.