Ford to invest $195 million in new technology center in India
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Ford cars are assembled at a plant of Ford India in Chengalpattu, on the outskirts of Chennai, India, March 5, 2012. REUTERS/Babu/File Photo
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
By Abhirup Roy
MUMBAI (Reuters) - Ford Motor Co (NYSE: F) is investing 13 billion rupees ($195 million) over the next five years in a technology and business center in the Indian city of Chennai to develop new products, design mobility solutions and provide business services.
Dearborn, Michigan-based Ford, which has already invested over $2 billion in India till date, will hire 3,000 people and bring in 9,000 from other centers in the southern Indian city to staff the facility which will be operational by early 2019, the company said in a statement on Tuesday.
Ford is focusing on emerging markets like India where small, inexpensive yet powerful cars are popular and which is dominated by brands from Maruti Suzuki India Ltd
The center will be the car maker's second-largest technology setup outside its global headquarters, and will include laboratories and testing facilities for vehicles and components, to enable Ford to test future products in India.
With India expected to become the world's third-largest market by 2020, according to IHS Automotive, global car makers want a bigger share of the pie.
"India is not only a vibrant market for cars and new mobility ideas, it also is rich with talent, technical expertise and ingenuity," Bill Ford, executive chairman of Ford, said in the statement.
The new center will also include teams working on advanced financial analysis and future data analytics, the company said.
(Reporting by Abhirup Roy; Editing by Muralikumar Anantharaman)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FBI Director Comey, who angered Democrats, gets hug from Trump
- Egypt to allow Italian experts to examine CCTV footage in Regeni murder investigation
- Rebel Socialist Hamon seen winning French primary first round: partial results
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!