Ford to hike Figo price from 1st June

Ford India, a subsidiary of US based Ford Motors, is all set to increase the price of its recently launched Figo model in India due to the rise in price of raw materials and steel. The company has decided to hike the prices of its best-seller Figo small car starting 1 June, 2010, it said in a statement.

The rise would only be on the Figo small car models and would not be more than 2 per cent on any of the variants. The rising cost of steel and the steady increase in other raw materials is the main cause for this hike, said Ms. Diptee Sethi, Corp Communication Head, Ford India, in a statement given to a leading auto magazine. The company had launched the Figo model with a very competitive price tag as against its competitors in this segment like Volkswagen Polo, so an small increase in the price will not affect its sales in India. However, price of the other models of Ford India portfolio will remain unchanged.

The Figo model was launched in India in the month of March this year in both diesel and petrol versions, at the starting price tag of Rs 3.5 lakh. Since its launch in India, the Figo model is receiving a very good response from the Indian buyers, as its bookings has crossed the 20,000 mark in India in just 3 months of its launch in the country. The Figo model is competing with some of the most popular compact hatchbacks in India including Chevrolet Beat, Maruti Swift, Hyundai i20 and Volkswagen Polo.

Ford Ikon, Ford Fiesta, and Ford Endeavour are the other models in company's portfolio in India.

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