Greater Noida: Betting big on the Indian market, US auto major Ford Motor Co today unveiled its all new mid-sized sedan Fiesta and compact sedan Figo Concept.
"As we prepare to launch 23 models globally in 2014 - the most in more than a century - we see huge potential in India, both as a market and as centre of excellence of manufacturing," Ford Asia Pacific President David Schoch told reporters here at the Auto Expo.
He said the company's new plant at Sanand in Gujarat will start production from 2015, which will more than double the firm's capacity to 4.4 lakh units of vehicles and 6.1 lakh units of engine.
"We are building the factories of future in India and across Asia Pacific region to set the stage for turbo charged growth in coming years," he added.
Schoch said Ford sees India as a pillar of its growth in Asia Pacific, which as a region would account for nearly 50 per cent of global vehicle sales by 2020.
"The lasting investments we are making in Chennai and Sanand represents investments in our communities, suppliers and local workforces. We are committed to building on our success in India and continuing to serve our customers, partners and neighbours across the country," Ford India President Nigel Harris said.
Commenting on the new Fiesta, Ford India Executive Director, Marketing (Sales and Services) Vinay Pipersania said it will hit the market later this year.
"The 2014 Ford Fiesta takes our strongest global name plate to the next level," he added.
Harris said the Figo Concept is also targeted at first time buyers who want better quality and good design at an affordable value.
The company is looking to tap the opportunity in the fast growing compact segment that is estimated to touch 2 million units by 2018.
Apart from the two models, the company is also showcasing its popular SUV Ecosport, hatchback Figo, premium SUV Endeavour and the Classic sedan.