Yesterday Ford Motor Company (NYSE:F
, F message board
) launched a new, upgraded version of its Figo in India. The reimagined compact model comes less than 3 years after the original 2010 design.
The new Figo is more or less the same car that has undergone more of a stylistic overhaul to make the design more appealing to a wider range of customers. The 2010 Figo was criticized for looking rather dated.
The good news for future customers is that the new Figo will cost the same as the older 2010 model, which makes it an attractive buy. Mr. Michael Boneham, president of Ford's Indian division, commented that the price tag was a very conscious decision as the Figo has been a success for the company so far. The new model has a more aggressive front look and the engine reportedly accelerates faster. The interior has been revamped as well, with better noise insulation and comfier seats.
Ford also announced that they are pulling out their official works support and sponsorship from the World Rally Championship. Mr. Roland de Waard, president of marketing at Ford's European division, said that the decision was brought about by an examination of the company's position in Europe, especially in the present economic climate, the shorthand of which may well be "cost cutting measures". Mr. De Waard said the company's resources will be better used in "other areas". The company is still in talks as to whether the M-Sport team can use the Ford cars in the 2013 season, even without official works support.
In related news, General Motors Company (NYSE:GM) announced that it has reached its target of $1 billion worth of parts outsourced from India. GM has been inching towards that goal over the past couple of years and now it is a fact. General Motors has plans to double its current component export volume out of India over the next couple of years.
In yesterday's market Ford inched a percent up and closed at $10.22.
IMPORTANT FORD UPDATE: October 16th 2012 - F is making a chart pattern that has been seen 4,551 times since the year 2000. 55.15% of the stocks that have made this pattern went up over 8% on average in a 20 day period. Watch the video to learn more about the probabilities of F stock moving up or down.
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