Ford aims for 20% sales growth

Ford Motor India said on Monday that it hopes to wipe out its losses this year riding on the growing sales of its mid-size sedan Ikon. A top company official said the car major was aiming for 20 per cent sales growth in 2004 on the back of a new launch later this year.

"We will post net profits this year on a sales turnover of over Rs 1,000 crore (Rs 10 billion). 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 (Rs 600 million) during 2001-02 from Rs 101 crore (Rs 1.01 billion) 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 product launches".

Fusion would be pitted against cars like Fiat Palio and Hyundai's proposed Getz models, they 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.