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Thursday, March 26, 2015

Ford to triple exports from India with new $1 billion plant, (NYSE: F)

Ford Motor Co plans to triple exports from India with a $1 billion plant that will be one of its most heavily automated in Asia, offsetting slower sales inside the country with a push to sell more local production abroad.The factory, opened on Thursday in the western state of Gujarat, will nearly double Ford's production capacity in India to 610,000 engines and 440,000 vehicles a year. It will make engines and compact cars such as the EcoSport, a small SUV, and the Figo Aspire sedan."India is very cost competitive, which is important particularly for small vehicles," Ford Chief Executive Mark Fields told reporters at the factory opening in Sanand, outside Gujarat's biggest city, Ahmedabad.He declined to say how quickly Ford would take exports to three times the current level.

Ford Motor Company (Ford) is a manufacturer of automobiles. Shares of F remained unchanged at $16.18. In the past year, the shares have traded as low as $13.26 and as high as $18.12. On average, 27309500 shares of F exchange hands on a given day and today's volume is recorded at 32571.