Ford eyes Asian expansion
Wednesday, June 8th, 2011New York, NY, United States (AHN) – Ford Motor Company is planning to expand its global sales to 8 million vehicles a year from its current level of 5.3 million units. The driver of this growth, which Ford aims to achieve by middle of this decade, would be Asia.
Ford Chief Executive Alan Mulally said the company plans to offer smaller vehicle models by five to 15 models in China and three to eight models in India. Through an aggressive sales strategy, Ford will attempt to catch up with the sales and brand recognition of competitors General Motors, Toyota and Volkswagen.
Auto industry experts said that Ford has a lot of work to do to be considered a major player in Asia.
Mulally told investors on Tuesday in New York that by 2020, Ford targets that 33 percent of its sales would come from the Asia-Pacific region and Africa. By that year, Ford aims that small cars would comprise 55 percent of its global sales. The two regions accounted for only 15 percent of Ford’s sales in 2010.
However, Mulally said that Ford will not leave behind the U.S. market as the auto industry seeks to recover the 30 percent sales it lost during the recession and global financial crisis.
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