INDIA > Ford to Invest US$195 Million in India to Build New Technology Center
US based car manufacturer – Ford Motors- will invest US$ 195 Million (Indian Rupees 1,300 Crore) over the next 5 years in establishing the technology and business center in Chennai, India. Through this, Ford will establish 3,000 new jobs. It plans to bring 9,000 current workers from six existing facilities located in Thoraipakkam – a southern Indian city – totaling 12,000 employees in the Chennai facility. This center will become Ford’s second largest facility, in terms of number of employee, outside of its headquarter in Michigan, USA.
Reuters mentioned that “Ford is focusing on emerging markets like India where small, inexpensive yet powerful cars are popular and which is dominated by brands from Maruti Suzuki India Ltd and Hyundai Motor Co”. In the last few years, Ford has been focusing on emerging market in the last few years focusing on both selling its car there as well as making its car using low cost technique. India is considered the 5th largest auto market in the world and is expected to climb up to the 3rd position by 2020.
Ford or Ford Motor Company is a US founded and based auto maker with a 113 years of history. It’s shares publicly trade in New York Stock Exchange and reported a revenue of US$ 149.5 billion in 2015. As of 2015, it employed approximated 200,000 employees throughout the world.
Tags: FDI in India, Ford