Ford India to make profits this year

The US auto giant Ford Motor on Tuesday said it would post profits at its Indian unit from this year, with a strong sales growth of its mid-size sedan 'Ikon' in the market.

"We are on course as planned and would break-even this year, with profits," Ford Motor India vice president (Marketing, Service and Sales) Vinay Piparsania said. It has made investments to the tune of Rs 1,700 crore in the Indian market so far and is all set to launch a new model 'Fusion' by December.

The company, which expects domestic car sales to grow over 40 per cent about 27,000 units this fiscal, expects turnover to exceed Rs 1,000 crore this year. "Our sales this year have exceeded our earlier target of 22,000 units, which speaks volumes about the potential in the market," he said.

Established in 1995, the Indian subsidiary sells the flagship 'Ikon' model, apart from the SUV 'Endeavour' and luxury sedan 'Mondeo', which is imported.    

"The Indian car market is growing at a rapid pace and we expect higher sales in the coming years," Piparsania said, adding that it would also launch new models in the coming years. The company, which has its manufacturing facility near Chennai, also exports the 'Ikon' from India to countries like

South Africa, Mexico and Brazil. However, it expects foreign shipments to be almost flat this year, after last year's level of 24,000 units, due to lack in demand from the market.