Ford unveils the Figo, new small car for India

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NEW YORK (CNNMoney.com) — Ford Motor Company unveiled a new small car at a press conference in Delhi, India on Wednesday. The subcompact, which is called the Figo, will be produced in India for the Indian market, as well as for export to other Asian countries and Africa.

The Figo’s launch “signals Ford’s intention to compete in India’s largest and most important small-car market segment,” the Dearborn, Mich.-based automaker said in an announcement.

A little over 1 million passenger cars are sold in India each year, according to Ford spokesman Mark Schirmer. The automaker expects India to become the third largest market for small cars, behind the U.S. and China, by 2030.