With the global unveiling of the sub 4-meter concept car, Ford is aiming for a substantial presence in the B segment, which is expected to touch 2 million units annually in India by 2018.
"After the success we had with the Figo and Ecosport, we needed to come up with another strong product, which is what we are doing with Figo Concept," Ford India President Nigel Harris said.
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While he did not share as to when the product will hit the market, Harris said "it is closer to production and we are not several years away".
Ford Motor Company Global Product Development Vice President of Engineering Kumar Galhotra said: "With the Figo Concept, we are showing that choosing a compact sedan does not mean compromising on premium design or smart solutions.
"Consumers are more demanding than ever, wanting and expecting more from their cars, even if they are first time buyers."
The Figo Concept builds on the automaker's compact car offerings in India. This segment contributes roughly a third of total sales in the country.
The company expects compact car sales in India to grow from about a million units last year to roughly 2 million units in 2018.
"The Figo concept was envisioned with the Indian market in mind and created with global standards of design, quality and performance," Galhotra said.
Harris said that this year Ford will launch 23 models globally and "some of them will be coming to India as well".
He did not name the models but said that "will be based on customer demand".
When asked about plans to reduce backlog orders for Ecosport, which is about 60,000 at present, Harris said the company is exploring all options, including ramping up production but it has been a challenge due to the overall high demand of the vehicle globally.
The company's upcoming plant at Sanand will become fully operational by 2015.