U.S.-based Ford Motor Company on Wednesday showcased its newly-developed small car Figo that would be launched early next year. Specially designed for the Indian car market, the compact car would be manufactured at the company’s Chennai plant and supplied to the domestic market as well as for exports.

Ford Motor Company President and CEO Alan Mulally, who was specially present for the event along with an array of top officials of the U.S.-based car major, showcased the new car before mediapersons here.

“Our plan for India involves accelerating development of fuel efficient small cars. The small car market in India will double in the next ten years; and we are focussing on this segment. We are investing $500 million in expanding its production capacities at the Chennai facility to two-lakh units annually from the existing one-lakh units a year, besides producing 2.5 lakh engines every year,” Mr. Mulally said

Informing that Figo would be available in the first quarter of next year, Ford India President and Managing Director Michael Boneham said: “We are confident that the new car will be extremely attractive to Indian car buyers. It is going to be competitive with the current market leaders and offer a tremendous value story for our consumers..”

Figo, designed and engineered to compete in India’s small car segment, leverages Ford’s small-car platform architecture, sharing underlying technology with the sedan Fiesta.

It features a fresh, contemporary shape that would be a distinctive alternative to traditional brands in this segment, he added.

Though the company did not share the price or specifications of Figo, the new car is likely to be introduced in both petrol and diesel variants.

Its starting price could be below Rs. 4 lakh.

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