Why Does India Look So Good to Ford?
Ford Motor Company (NYSE:F) announced on Wednesday that it will invest $10 billion in its manufacturing platform in India, according to a report from the Detroit News, a move the company said will help it cut costs and help it meet a growing global demand by exporting vehicles made in India around the world.
In a press release outlining some of the plans, Ford specifically pointed to demand for small, fuel-efficient cars and SUVs as the reason for the growth. Over the next four to five years, the company said it will export “a substantial portion” of vehicles made at its Indian operations to 50 different markets around the globe.
“Despite current macroeconomic factors and ongoing market challenges, India is a big part of our global strategy. Exports from India have always been an integral part of that strategy and will help us to stay on track for turbocharged growth in the region, while going further to provide our customers with the vehicles that they want and value,” said Ford group vice president and president of Asia Pacific Dave Schoch.