Ford Motor Co. (NYSE: F) announced on Monday that it has set aside 1,200 of its Figo compact cars to be exported from India to South Africa, suggesting that India is an increasingly important part of Ford Motor Co. (NYSE: F)’s global manufacturing strategy.
The Figos, which were produced at Ford Motor Co. (NYSE: F)’s plant in Chennai, India, will be sold be a subsidiary of the company. Ford Motor Co. (NYSE: F) expects to export 5,000 of the 1.4L petrol and diesel Figo variants to Ford Motor Company of Southern Africa, said a release.
“Given the rising demand worldwide for compact vehicles, we plan to accelerate our export strategy to not only enhance our business growth but also to further embellish India’s reputation as a major regional auto manufacturing hub,” said Ford India’s president and managing director, Michael Boneham, said.
The Figo debuted internationally in March and has resulted in 24,000 purchase orders for the vehicle. Ford has been exporting vehicles from India to South Africa and Thailand.
Shares of Ford closed at $10.28 last Friday.
