In an effort to expand its presence in one the fastest growing auto markets in the world, Ford is planning to launch eight new vehicles in India over the next five years.
This comes as the automaker estimates that Asia will ultimately account for 70% of the companys global growth over the next decade.
India and China, specifically, are the two most fertile markets for Ford. Industry sales in India alone are expected to increase from 16 million units in 2009 to an estimated 35 million units by 2018. By expanding its base in high-growth areas of the world, Ford is hoping to insulate itself against slower growth in areas such as the U.S. and Europe.
Ford joins a host of other auto makers such as Volkswagen, Toyota and Nissan, who have either already debuted small cars in India or will be ready to do so in the coming months.
The company declined to specify the names or details of the eight vehicles which will be launched. Ford currently sells five models of small cars and SUVs in India.
We have big plans for India and for this region, said Joe Hinrichs, president of Ford Asia Pacific and Africa, in a speech at an industry conference in New Delhi. This is part of our better plan to bring more and more vehicles from our vast global portfolio to India and other markets in Asia Pacific and Africa.