The new head of Ford in India, Jogindar Singh, is expecting a significant jump in the company’s 3% market share as it rolls out eight new models by mid-decade.
"Never in the history of Ford has it brought out eight models in such a short time," Singh said in New Delhi.
His comments came as Ford chairman Bill Ford said in Bangkok the company wants to target growth in Asia to offset declines in Europe and sluggish growth in North America.
Both Thailand and India will become export hubs for Ford. The plans involve the construction of nine new plants. Ford's second plant in Thailand, costing US$450m opened in Rayong in May. Five factories in China and two in India are currently under construction. These plants will double Ford's annual production capacity in the region to 2.9m vehicles by mid-decade.
More than 90% of Ford's production for the 10 ASEAN countries is in Thailand, where current capacity is 445,000 units per year.
"We have big plans for Thailand and we have big plans for the region," said Bill Ford.
In India those plans involve concentrating on the small car segment which accounts for 70% of the market and something Ford hasn’t done well despite being in India since the mid-1990s.
Ford's earlier strategy "was flawed", outgoing Indian chief Michael Boneham, who is retiring, admitted as he introduced his successor, Singh, to the media.
Ford is spending US$1bn building a second factory in Sanand, in the western state of Gujarat, to accompany its existing facility in Chennai.
Singh said he expects the Sanand plant, which will give Ford the capacity to make an additional 440,000 cars a year and 600,000 engines, to be fully operational by 2014.
"This commitment is a new recognition of the opportunities that lie ahead for Ford in India," he said.
Companies: Ford Motor Company
More read-it-and-weep news for struggling European rivals from Volkswagen group this week as it chalked up another little milestone - selling over 3m vehicles in the first four months of a year....
Holden says it is committed to continuing its Australian presence despite Ford's decision to end production in the country, while a major union is calling for both political parties to unite around su...
After announcing an after-tax operating loss of A$141m for the 2012 financial year, following a A$290m loss in 2011, Ford has finally thrown in the manufacturing towel in Australia and will close its ...
Ford's decision to axe production in Australia has provoked fury at one of Australia's largest unions that estimates the cascade effect of shuttering plants will cost up to 6,000 jobs....
Ford Australia has announced an after-tax operating loss of A$141m for the 2012 financial year. This followed a loss of $290m in 2011 and took losses in the last five years to about A$600m. Ford said ...
Ford has said it will add capacity in the buoyant North American market. The company is to add an additional 200,000 units of annual straight-time capacity this year....
- ANALYSIS - Jaguar takes on Porsche with F-PACE
- Peugeot steps up a gear with new 3008
- THE WEEK THAT WAS - platforms to go to
- Delphi Powertrain VP on compliance - Q&A
- Geely/Volvo architecture cooperation bears fruit
- Peugeot reveals revamped 3008 compact SUV
- Tesla chooses Mando for autonomous technology
- US and UK motorists divided on driverless cars
- Ford recalls 271,000 F-150s for brake job
- Romanian PM asks Ford for more