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A sub 4 meter sedan is one of the three models the American auto major Ford plans to launch in India, over the next nine months.
Besides, the company is also looking to expand its sales network in the country by adding over 100 new outlets, primarily in tier III cities, by the end of next year.
"By early next year, we plan to introduce three models. First to come would be compact sedan Figo Aspire, followed by the new Figo hatchback and premium sports utility vehicle Endeavour,"
With the launch of Figo Aspire, expected to be rolled out next month, Ford is looking to get into high growth compact sedan segment which is currently dominated by
Ford is determined to make a mark despite fierce competition in the segment, which accounts for nearly 30,000-35,000 cars each month.
"There is room to do well in the segment," he said.
Figo Aspire, which will come with various segment firsts including twin airbags as standard fitment across models, will be launched in both petrol and diesel trims.
"While designed primarily for India, this is a global One Ford vehicle that lives up to our worldwide standards, offering more quality and advanced technologies than consumers would ever expect for the money," Harris said.
With sales of 1.1 million vehicles in 2014, compact cars' share was 45 per cent in India's auto market in 2014. Ford expects the segment to grow to around 1.6 million units by 2018.
When asked about the company's investment on the new product, Harris did not disclose the figure but said, the "investment is part of the $1 billion the company has put in on the Sanand plant".
Elaborating on the product launches, he said: "After Figo Aspire, we plan to launch the new Figo hatchback. It will also be produced out from our Sanand plant. So after EcoSport, which still has more than 40 per cent market share in the SUV segment, we will have models in segments that are growing," Harris said.
Commenting on the sales network expansion, Harris said: "We currently have 341 outlets across the country and by the end of next year we plan to add 100 more dealerships, primarily in the tier-III towns."
Terming India as one of the most important markets for the American firm, Harris said: "This market is important for us and that's why we have invested in Chennai (plant) in 90s and now USD 1 billion in the Sanand facility in Gujarat."
The company will also export the Figo Aspire to compete globally. Ford plans to make India an export hub for small cars. Ford aims to triple exports from India over the next five years with its new USD 1 billion plant here becoming operational.
At present, Ford India exports around 60,000 to 70,000 units annually to over 35 global markets from its Chennai-based facility. With Sanand factory getting operational, the company is targeting a total of 50 export markets.
With Sanand going on stream, Ford India's total installed capacity currently stands at 4.4 lakh vehicles and 6.1 lakh engines per annum.
(Image credits: Indiatimes)