Ford to release new SUV in India
Ford, a worldwide provider of cars and trucks, is banking on a new SUV to boost its sales in India. According to The Wall Street Journal, this automotive manufacturer plans to market the EcoSport, a compact SUV, to Indian consumers in 2013.
Indian car buyers may enjoy the EcoSport for its energy-efficient options. Three versions of the SUV are available – two gasoline-powered models and one diesel-engine option – and could prove to be top choices for automotive enthusiasts throughout the country.
Will EcoSport models sell quickly in India?
In the financial year ending March 31, 2013, Ford’s automotive sales in India fell 17 percent, but the company is hoping for a significant rebound thanks in part to its EcoSport models. Because a liter of diesel is about 21 percent less than gasoline at New Delhi pumps, these vehicles could be attractive options for many cost-conscious motorists.
Additionally, several EcoSport models have turbo-charged gasoline engines for those who want to fulfill their need for speed. Meanwhile, these engines are also eco-friendly and fuel efficient, getting about 44.5 miles to a gallon.
Beginning in June, the EcoSport will be offered across India. The vehicle may significantly influence the nation’s economy, its residents and those who work in the U.S. and send money to family members back home.
Indian officials look for ways to boost struggling automotive market
Reuters reports India’s car market has struggled recently due to slower-than-expected economic growth. However, the market could improve quickly, particularly as the global economy continues to rebound from the recession of the late 2000s.
Hironori Kanayama, Honda chief executive officer, said that he is ready to invest in the Indian economy as well. In fact, Kanayama is one of several car industry leaders who expects big things from the nation’s economy over the next few years.
“Of course it’s a pity that the economy is sluggish, but it doesn’t worry us at all,” Kanayama told the news source. “The potential is very high here. Our investment is based on such long-term projections.”
India’s large population is leading many car manufacturers to invest in the area, and these companies could provide significant support to the country’s economy. By 2020, several car industry analysts are expecting India’s automotive sales to hit 6 million.
“The entire structural story of India’s car potential still holds true, despite the current cyclical downturn,” automotive equities expert Jinesh Gandhi told the news source.