Ford eyes Asian expansion!

Ford has never had a strong presence in Asia but it is making up for lost time. There are plans in place to have 8 new models of the Ford car ready in the Indian market by the middle of the decade. Ford also recently invested US$500 million on a new engine plant in the region too. The Indian market is growing about 17% a year, as consumers move from two-wheeled scooters and motorcycles into inexpensive small cars. The move into India is not just for the Indian market but for the whole Asian region. Ford will hope for more of the same success of its recent Figo model which was sold 30,000 units in just 25 weeks. Yes they will be doing much of the same in India to attend to the mass population but there are also plans in place to attend to the luxury car market in India and the Asian region. Joe Hinrichs, president of Ford's Asia Pacific and Africa regions said, "China and India are the two most important markets for Ford vehicles globally and we are set to increase our commitment and stake in India,"

Ford is banking on Asia, they expect 70% of the growth in the coming 10 years to come from this region and Africa. The mass population is in this region and as more of them become financially able, having a car becomes a necessity. Unlike the West, where cars are bought for more practical reasons, here in Asia, people usually buy it to show they have reached a certain status in life, when one friend has one, the other would be more motivated to get one. Expect great things from the car industry in the Asia Pacific region.

Source: http://www.2point6billion.com

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