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Wednesday, September 23, 2009

Ford Begins Asia Expansion

By Kathryn Elizabeth Tuggle

FOXBusiness

Ford Motor (F) begins its penetration into the Asian market this week, unveiling its low-cost Figo car that will be sold in India and the broader Asia-Pacific region.

The Figo will be manufactured at a recently expanded plant in India, a plant that exists in addition to the company’s third plant in China which will be announced on Friday. The unveiling of the Figo and the plant expansion is the latest in Chief Executive Alan Mulally’s plans to go global in Asia.

The Figo will fill an underserved niche of buyers in Asia who need more compact, cheaper vehicles, and increase Ford’s production abilities in the quickest expanding region of the world in the auto industry.

Figo means Italian for “cool” and is expected to make its debut in 2010. It is a four-door hatchback and should sell for less than $10,000. Still, the price is far above Indian competitor Tata Motor’s (TTM) $2,000 Nano.

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