The Indian car market still looks promising to most of the car makers around the world. Ford reaffirmed its plans to invest $500 million in India despite the ongoing credit crisis. “Our investment decisions are long-term. As difficult as the short term is, we continue with a high degree of confidence in the medium and longer-term future of the market in India,' said Michael Boneham, Managing Director, Ford India.
Ford had earlier announced to invest $500 million in India to set up a manufacturing unit and set up dealerships, etc. in the country. It is currently building factories in India and Thailand to offset falling sales in the United States. It plans to retool factories to develop more fuel efficient cars to address the future demands.
Ford plans to sell its small cars in India within next two years and plans to set up a factory of manufacturing capacity of 250,000 units, near Chennai. It had made the statement of setting up manufacturing units earlier in January this year. Ever since then the car market in India and the economic crisis around the world have taken a deep plunge restraining foreign companies and restricting their investment plans. However, Ford plans to counter the declining US sales with more robust set up in South East Asia and its countries. The Indian car market seriously looks a promising one.
