Auto giant Ford could re-enter the Indian market with a global team including CEO Jim Farley as it is set to consider a fresh proposal with a new strategy for the market, the Times of India has reported.
The company exited India in 2021. The re-entry means new investments, a focus on electrics and sustainability and also work on production for exports, ToI reported quoting sources.
"A report on the feasibility of re-entering India and the growth potential of the market has been prepared. This will now be considered by the global team at Ford's headquarters. We expect a positive response," a source told ToI.
Moneycontrol couldn't independently verify the report.
Ford is now pinning its hope on the Indian market, the report said adding that the company believes India will lead volumes for the auto industry globally as many markets in the West have stagnated.
Ford had invested over $2 billion in India and gotten successful with products like Eco Sport mini-SUV and Figo small car .
"Feeling is that it is not right to stay out of India, especially as the brand is still well-known to potential buyers," the source further added, as per the report.
In December 2023 too, the company decided to go back on a deal to sell its Chennai plant to JSW. “Ford is rethinking whether it wants to leave India, one of the world’s fastest-growing auto markets,” a one of the sources told Moneycontrol then.
As per the report quoting sources, if a re-entry into India is approved, Ford may still take around one year to start production at the Chennai factory. "There will be a lot of work that needs to be done, both on the legal side as well as making the plant and machinery fit for making cars again," the report added.
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