Ford To Open A New Global Technology And Investment Centre In Chennai
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Highlights
- Ford will invest Rs. 1,300 crore in the new facility
- It will be a hub for product development, mobility and business solutions
- The 28 acre facility in Chennai will be operational in early 2019
(The Ford EcoSport Facelift launch is on the cards as well)Ford said that it will be working on products new from scratch once this facility is operational but comments that it is too early to comment about the products and the segments in which Ford wants to operate. The domestic market will continue to be the priority when the new facility is up and running although, Ford might look to export products to new markets too. The new facility in Chennai will be a playing a key role in new product development for Indian market. The current platforms in India will be used for exports as well. Ford also said that India will not only be a manufacturing hub for small cars but will export bigger cars as well, in the near future.
At present, Ford has a domestic market share of 3.1 per cent in India and it has set itself a target of having at least 5 per cent market share over the next 3-4 years.
Ford's executive chairman William Clay Ford (JR), visiting Chennai for the announcement said "The Chennai facility will become Ford's second-largest centre of employment globally after Dearborn in the United States of America. India is not only a vibrant market for cars and new mobility ideas, it also is rich with talent, technical expertise and ingenuity"
(Ford will invest Rs. 1,300 Crore in a new Technology and Investment Centre in Chennai)Earlier inundefined undefinedSeptember 2016 at the Ford Investor Day in Dearborn, Mark Fields, President and CEO, Ford Motor Company, said, "Ford is taking a new look at how to lead in select emerging markets. The company sees Russia and South America positioned for recovery, ASEAN remaining profitable and a path to profitable growth in Middle East and Africa. As it pushes for a path to profitability in all emerging markets, Ford is re-evaluating its strategy and business model for India."
Currently Ford has 2 plants in India - in Chennai and Sanand with a total annual capacity is about 4.40 lakh units. In the current fiscal's April-September 2016 period, the company has sold a total of 46,422 units and exported 73,821 units.
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