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Ford India to turn around this year, aims for 20% sales growth
By siliconindia staff writer
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Monday, 10 May 2004, 19:30 IST
NEW DELHI: Ford Motor India would turn around this year due to growing sales of its mid-size sedan 'Ikon' and was aiming for 20 per cent sales growth in 2004 on the back of a new launch later this year, a top company official said on Monday.
"We will post net profits this year on a sales turnover of over Rs 1,000 crore. We also aim 20 per cent sales growth in 2004," Ford Motor India vice-president (sales and marketing) Vinay Piparsania told PTI.
The company cut its loss to Rs 60 crore during 2001-02 from Rs 101 crore during 2000-01.
The company attributed the growth to a spurt in sales in mid-size segment. It sold 18,558 units of its flagship car 'Ikon' in 2003 which would also see a rise of 20 per cent this year, he said. Piparsania declined to give details of the new car to be launched.
At present, Ford Motor India was making arrangements to launch 1.4 litre premium hatchback 'Fusion', which should be launched during the latter part of 2004, sources said.
Asked whether 'Fusion' would be launched in August, Piparsania said, "I cannot talk about the product launches".
'Fusion' would be pitted against cars like Fiat 'Palio' and Hyundai's proposed 'Getz' model, sources said, adding the company was aiming for 20 per cent growth this year banking on the success of 'Fusion' which could be a volume spinner for the Chennai-based firm.
The Indian arm of the second-biggest US automaker sold 42,956 units during 2003, which could go up by 20 per cent this year.