Ford Motor Credit Company, the finance arm of Ford Motor Company, is set to begin operations in India.
22 Dec 2014 | 4019 Views | By Autocar Professional Bureau
Ford Motor Credit Company, the finance arm of Ford Motor Company, is set to begin operations in India. Its arm, Ford Credit India has been granted a licence by the Reserve Bank of India to operate as a nonbanking financial company in India and plans to begin dealer wholesale inventory ...
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Ford Motor Credit Company, the finance arm of Ford Motor Company, is set to begin operations in India. Its arm, Ford Credit India has been granted a licence by the Reserve Bank of India to operate as a nonbanking financial company in India and plans to begin dealer wholesale inventory financing in the first quarter of 2015. Consumer retail financing will follow later in 2015, the company said in a press release.
“We are very pleased to be launching Ford Credit India early in 2015,” said Mark Constable, managing director, Ford Credit India. “Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India.”
“Ford Credit is a great partner and helps us meet customer needs globally. We are excited to have the team establishing operations here to support our growth plans,” said Nigel Harris, president and managing director of Ford India. “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.”
As part of its overall commitment to India, Ford is on course to invest $2 billion (Rs 12,670 crore), nearly half of which is being spent on a new facility in Sanand, Gujarat, that will nearly double the company’s installed capacity to 610,000 engines and 440,000 vehicles a year. The new plant will on stream in 2015. On the sales network front, the company has 304 sales and service outlets in 164 cities.