- 1 day ago Maruti Suzuki Eeco Becomes Safer: Receives A Price Increase
- 1 day ago Honda CB Shine BS-VI Engine Specs Leaked: India Launch Expected This Year
- 1 day ago MG Hector 10,000 Units Production Milestone Crossed: 6,000 SUVs Already Delivered
- 1 day ago Triumph Diwali Discount Offers: Festive Benefits Available On Select Models
- News Kamlesh Tiwari murder case: Court grants 72 hours transit remand for 3 accused
- Sports ISL 2019-20: KBFC vs ATK: Ogbeche the hero as Kerala strike down ATK in Indian Super League opener
- Movies Shah Rukh Khan Flaunts A Jacket Gifted By Karan Johar, Hilariously Demands A Pair Of Heels!
- Technology How To Pin Live Score On Android Homescreen
- Finance 4 High Interest Rate Fixed Deposits You Can Buy Online
- Lifestyle 7 Sweet And Adorable Things Siblings Do ForEach Other While Growing Up
- Travel 8 Amazing and Affordable Winter Vacation Destinations In India
- Education 5 Things Students Should Know About MHRD Internship Scheme
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.