Ford Motor Co. Monday took the wraps off the prototype of a new Figo compact car, aimed at customers in India and other emerging markets for cars that cost less than $10,000.
Ford is expected to start production of the new car and its recently unveiled Ka hatchback prototype later this year or early next year in India and other expanding markets where average vehicle costs tend to be around one half the price in the U.S, The Wall Street Journal reports.
“We see this (Asia-Pacific) region as a key region for us in terms of growth,” Kumar Galhotra, vice president of engineering, global product development, at Ford told The Wall Street Journal.
Ford didn’t reveal specific details about the Figo concept car. It also didn’t say when retail sales of the car would begin.
The company borrowed the name from the Figo hatchback car it sells in India–also its cheapest car globally with retail prices starting at about $6,400 in India. The company didn’t announce prices of the Figo concept car.