NEW DELHI – Ford Motor Co. Wednesday unveiled the Figo - its first small car to be produced in India - as the U.S. automaker seeks to gain a foothold in the emerging South Asian car market and make the country a global production hub for small cars.
The four-door hatchback will be produced at Ford India's factory in the port city of Chennai. Ford said the Figo - which is colloquial Italian for "cool" - will be sold in India and exported to international markets.
The company will announce additional details about the car closer to its commercial introduction early next year.
Small cars - with an engine capacity of 0.8 liters to 1.6 liters - comprised 73% of the 1.22 million cars sold in India in the year ended March 31. With annual sales forecast to grow to 3.0 million units by 2016, global automakers are moving to introduce small cars to the country.
General Motors Corp., Toyota Motor Corp., Honda Motor Co., Volkswagen AG and Nissan Motor Co. already sell small cars in India or plan to do so from next year.