Ford Adds Low-Cost Compact to India Lineup

Ford Motor Co. will manufacture a low-cost compact car in India from early next year, the automaker said Wednesday, as it seeks to boost sales in fast-growing Asia.

The “Figo”, which is Italian slang for ‘cool’, will initially be for sale in India but there are also plans to export the four-door car to other Asian countries, Ford executives told a press conference.

Production is slated to start in the first quarter of next year.

The Figo’s price tag wasn’t revealed. Ford said it would be “competitive.”

“This new car will be a game changer,” said Michael Boneham, president of Ford India. “It will give us muscle in the heart of the Indian market.”

Ford plans to double production capacity at its plant in the southeastern city of Chennai to 200,000 vehicles a year, part of a $500 million India investment plan announced last year.

9/23/2009 5:57 AM NEW DELHI (AP)