Ford Motor Company, president and CEO, Alan Mulally today revealed the much anticipated new compact car to be produced in India. Called the Figo, the car was unveiled to the press today in the national capital.
Ford Figo is designed and engineered to compete in India’s small car segment, which accounts for more than 70 percent of the new vehicle market. It leverages Ford’s small-car platform architecture, sharing underlying technology with the Ford Fiesta, a sedan from the company.
“Our exciting new Ford Figo shows how serious we are about India,” Mulally said. “It reflects our commitment to compete with great products in all segments of this car market. We are confident the Ford Figo will be a product that Indian consumers really want and value," he further added.
Ford is reserving further details of the Figo, which is colloquial Italian for "cool" until it is closer to the production launch of it in early 2010. Pricing details are still awaited from the company, however, sources say that the car will compete against the likes of Maruti Swift, Fiat Punto, Maruti Ritz and Chevrolet U-VA.
In addition to serving the domestic market the car will be also serve the export markets. Ford's plant in Chennai where the company is pumping $500 million towards expansion and modernisation and upgradation is also being groomed to produce diesel and petrol engines for local vehicle production and export within Ford’s Asia Pacific and Africa region.
The plant will become a regional centre of excellence for Ford's small car production, stated a company release.