US car major Ford, battling stagnant sales in India, said on Thursday that it remained confident about the Indian market's long term potential and hoped upcoming compact SUV EcoSport will have a big impact. The company indicated there are more small cars in the offing alongside Figo by 2015.
"There are some short term concerns in the Indian market , but the long term growth story remains intact," said Joginder Singh, president designate, Ford India, who takes over Indian operations from December 1, adding,"We are committed to our investments. Our second factory at Sanand in Gujarat will be operational in 2014. Our car assembly capacity will go up to 4.4 lakh and engine manufacturing to 6.1 lakh units by 2015."
Ford was one of the first foreign automobile firms to start in India but is still a fringe player with under 3% marketshare. Its first small car Figo is its only notable mass market model.
"Before Figo, sales were just 28,000 units per annum. Now, it is over 100,000 units," Singh said. "Hopever, I believe the impact of the EcoSport that we will launch next year will be transformational. Our fundamental strategy in future would be to achieve sales."