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Ford's feisty gambit

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Credit Score IT is not often that a CEO of a global corporation drops by here to announce the launch of a new product from the company, especially in the automotive segment. And when it does happen, it is a sure enough sign of the growing import of the local industry on the global platform.

Bad Car Credit Guide Loan So when the chairman and CEO of the Ford Motor Company, William Clay Ford Jr (better known as Bill Ford, seen in picture along with Arvind Mathew, Managing Director, Ford India), was in town last week to roll out the Ford Fiesta, it was clear that the blue oval was keen to play the volumes game in India with its latest offering in the mid-size segment. Local analysts are already referring to the Fiesta, set to hit the roads in mid-November, as the `make or break' model for Ford, which has been in India for more than a decade now.

Bad Credit Loan Till date, the only model in Ford's portfolio to bring in the numbers has been the Ikon, the sales of which have been dwindling over the past few months. At present, Ford India has a single digit market share in the automobile sweepstakes. However, Bill Ford at a recent press meet in the Capital said that the launch would boost the company's share in a market which is growing at about 10 per cent. "We expect the Fiesta to do a lot for our sales in India, which is a top priority market for us. We are trying to introduce newer and innovative products in the market," Ford said.

Credit Definition Derivative Though the Fiesta's pricing has not been revealed, auto experts estimate it will range from Rs 6 lakh-6.5 lakh, and positioned to take on the Honda City. The Ford Fiesta in India would be available in two variants - the Duratec petrol 1.6 litre and the Duratorq 1.4 litre TDCi diesel. Ford is producing the petrol engine and the gearbox locally (in a tie-up with Hindustan Motors) but is importing the turbo diesel engine from Europe. It would be the third model to be made at Ford India's facility in Tamil Nadu, after the Ikon and the crossover vehicle, Fusion. The company added a second shift at its plant last year to nearly double capacity to 50,000 units, which could rise to one lakh, if required. "The Fiesta may be a cause for worry. We will have to see how they price it," says an official from a rival automobile company.

Bad Credit Mortgage Anang Dev Jena, Head, Synovate Motoresearch, says: "There would be the initial euphoria of another big brand in competition to the Honda City. But it is unlikely to dent the sales of the Honda City. It is likely to eat into the market share of Hyundai Accent and impact sales in the entry mid-size segment. A major positive will be that it will expand the market for mid-size sedans and contribute to the continuing growth of the segment."

The Insider Guide To Credit However, the going may not be all that smooth for the Ford Fiesta. Apart from facing competition from players such as Honda, Hyundai, Maruti, General Motors (with its Chevrolet Optra and Opel Corsa) and Mitsubishi, the fast growing mid-size sedan segment is set to see a spate of new launches in the coming months. The next year is expected to see a string of big-ticket launches in the segment, including the Mitsubishi Lancer Cedia from Hindustan Motors, the new Hyundai Accent, and the Aveo from the General Motors stable (which is likely to be available in both saloon and hatchback variants).

Business Credit Card There is also speculation on Maruti's plans to add a mid-size sedan to its portfolio next year. The enthusiasm lies in the numbers. While the mid-size segment grew11 per cent in the first six months of the fiscal to 90,791 units, the overall passenger car segment grew at six per cent in the period. Interestingly though, none of the new launches are in the entry-level mid-size segment (sedans below Rs 5 lakh), as higher-end mid-size cars are fuelling growth in this category.

Banker Complete Credit Guide In fact, while the Honda City and the Hyundai Accent, both positioned at the higher end of the segment, saw rapid growth in sales in the first six months of the fiscal, entry-level mid-size sedans, such as the Ford Ikon and the Tata Indigo, saw a dip in sales. Sales of the Ford Ikon have slipped by about 24 per cent in the first half of this financial year. From 11,136 units sold between April and September 2004, sales slipped to 8,515 units in the first half of this fiscal. Ford dealerships have also been offering huge discounts on the Ikon. According to Jena, the entry-level mid-size segment is getting hit, with the premium hatchback segment (Hyundai Getz and Maruti Swift) coming to life. "People who are upgrading from smaller cars increasingly prefer the more feature-loaded premium hatchback than an entry level mid-size car. In addition, the entry-level mid-size cars are priced higher than the premium hatchback," he said.

Credit Card Application The increasing competition has also meant that the company has got to get the pricing absolutely right to garner volumes. Various players are offering huge discounts/price cuts to compete in this segment. Most recently, the C.K. Birla group flagship company Hindustan Motors announced an up-to-Rs 93,000 reduction in the prices of the premium sedan Lancer in a bid to push sales. The price reduction came just ahead of the festival season, which traditionally witnesses a surge in vehicle purchases.

Credit Guide Managing While the 2-litre diesel version of Lancer is now priced at Rs 7.79 lakh (a reduction of Rs 93,000), the 1.5-litre petrol variant costs Rs 6.59 lakh (a drop of Rs 68,000). Analysts say the growing sales of the Honda City, which has become the largest selling car in the mid-size sedan segment, is indication that the Indian consumer is ready to spend given the right product.

Credit Card Offer However, any company which intends to become a volume player in the long run needs to have a small car in its portfolio. "All said and done, India is a small car market with that segment accounting for a bulk of sales. The market potential is immense," says an industry analyst. Ford, meanwhile, has made it clear that it has no intentions of driving into this segment, at least not over the next few years. "A major impediment to Ford's entry in this segment is that the company does not have the `right' small car for India in its global portfolio. Most of the products are in the premium category," says an auto analyst.

Merchant Credit Guide Company On the other hand, with the launch of the Fiesta, Ford will now have a model in each price bracket of the sedan segment with the Ikon present in the entry-level sedan segment and the Mondeo at the top end of the market. The company is hoping that its latest rollout will catch the Indian consumers' fancy and see its market share catapult in 2006.

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