SOUTH AFRICA: Asia more compelling than Africa - Ford CFO
Africa may be growing quickly, but it still offers less opportunities than more robust emerging markets such as China and India, Ford's CFO said in South Africa on Tuesday.
With an an average economic growth rate of 4%, Africa is seen as an increasingly attractive investment target for major multi-nationals, Reuters noted.
Wal-Mart recently paid US$2.4bn for a controlling stake in South Africa's Massmart, citing room for growth on the continent, where disposable incomes are rising quickly, the news agency said.
But Ford CFO, Lewis Booth, currently visiting South Africa, said the African growth story may need some time.
"We are saying in Africa ... GDP per capita is still quite stressed. We are not expecting dramatic industry growth," Booth told reporters on a visit to Ford's plant in Pretoria.
Ford, which is working to increase sales by 50% by 2015, is betting more on Asian countries such as China and India for growth, he said.
"In this decade the growth will be dominated by Asia-Pacific countries and perhaps Russia and Brazil."
Ford says its new C-MAX and Grand C-MAX have succeeded in Europe with sales increasing by more than 100% compared to the previous model and a high percentage of customers opting for new technology fea...
An updated list of all the concept and production vehicle global premieres scheduled to be revealed on the 9 & 10 January media days of the North American International Auto Show....
Ford is to invest US$217m in a plant in Brazil's Bahia state as part of a plan to move 100% of production in the country to global platforms by 2015....
Ford says it will hire 500 new workers in January for its engine and gearbox manufacturing plant in Taubaté, 80 miles/130 km east of São Paulo City in a US$260m investment....
Just-auto's list of the concept and production vehicle global premieres scheduled to be revealed on the 9 & 10 January media days of the North American International Auto Show....
- Swallowing Fiat-Chrysler 'would be bad for VW'
- Audi TDI tech is 25 years of age
- THE WEEK THAT WAS: Roasting in Kia's Mojave oven
- VEHICLE ANALYSIS: Driving the Swedish nanny state
- COMMENT: Has ZF fired M&A starting gun with TRW?
- Sir Nick Scheele dies
- Volvo claims two safety firsts for XC90
- Rule change hits 'free charger' offers for EVs
- Nissan learns from India mistakes
- Opel Group formed within Adam Opel
- Global light vehicle engine technologies market- forecasts to 2029
- Tesla: The Californian start-up that made head way on the automotive giants
- New Cars: Top 5 Emerging Markets Industry Guide
- Jaguar Land Rover: Providing remarkable growth throughout the economic downturn
- Global electrified light vehicles market- forecasts to 2018