Ford India MD Michael Boneham in New Delhi on Tuesday. Picture by Ramakant Kushwaha

New Delhi, March 9: US car major Ford today entered India’s small car market with the Figo and said it planned to introduce one car every 12-18 months across various segments.

“The small car constitutes more than 70 per cent of the passenger car market. You need more in this segment and we will continue to focus on that,” said Michael Boneham, managing director of Ford India.

The company, which started work on the small car in 2007, unveiled it globally in September last year.

The Figo, which is priced at Rs 3.5-4.48 lakh, comes in two variants — a 1.2-litre petrol engine and a 1.4-litre diesel engine. While the entry-level petrol variant is priced at Rs 3.5 lakh, the diesel one costs Rs 4.48 lakh.

The company said the car would give a mileage of 15.6 kilometres and 20 kilometres on every litre of petrol and diesel, respectively. The Figo is expected to compete with Maruti Swift, Hyundai i20, and Volkswagen’s Polo.

Ford India plans to roll out more small cars to become a significant player in the segment. At present, market leader Maruti Suzuki leads the domestic car market with over 55 per cent share, while Ford sold just about 30,000 units in 2009.

Ford also plans to bring in products from its latest global car platform, named B, based on which the “next generation” cars will be rolled out.“The Figo is the first in a series of specific vehicles for India. Our goal is to become a regional excellence leader,” said Joe Hinrichs, president (Asia Pacific and Africa), Ford Motors.

“We are going to expand our portfolio. We intend to grow here. We will consider to bring all of Ford’s global products in India,” Hinrichs said. The Figo will be manufactured at Ford’s Chennai plant, which has an annual capacity of two lakh units.

“For years, we have been seen as offering only premium priced products in India, and that has kept us as a small player operating in only 20 per cent of the market. With the Figo, customers will see a premium product in the mainstream market at an affordable price,” said Nigel Wark, executive director (marketing, sales and service), Ford India.