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....
- ANALYSIS: Autonomous cars and interior design
- THE WEEK THAT WAS: Driving for fun...
- ANALYSIS: Will the XE work for Jaguar?
- Williams CEO eyes consultancy business expansion
- VEHICLE ANALYSIS: Celerio and Suzuki's future cars
- VW autonomous braking slashes insurance claims
- THAILAND/AUSTRALIA: Details of next Toyota Hilux
- UK car market has topped out - Vauxhall chief
- Takata recall widens to 33.8m vehicles in US
- Ford Valencia plant to build 400k in 2015