31 Jul '11, 5am

DTN Singapore News: Ford wagers on Asia to drive global growth: NEW DELHI - FORD Motor Co was slow out of the st...

NEW DELHI - FORD Motor Co was slow out of the starting gate in Asia but now the number two US automaker is betting big on the region to drive global growth, says its Asia-Pacific chief. Ford has just announced plans to spend US$1 billion (S$1.2 billion) to build a second car and engine complex in India as it ramps up production to exploit the country's fast-growing vehicle market, bringing to seven the number of plants it is building in Asia. 'This is the only place in the world where we have new plants under construction,' Joe Hinrichs, head of Asia-Pacific and Africa for Ford, told AFP in an interview on a visit to New Delhi. Rising incomes and rapidly expanding young populations have turned Asia into a battleground for global car manufacturers such as Ford, GM and Toyota, which hope to grow revenues by steering towards the Asia-Pacific region and Africa. 'Today one out ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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