Ford India has communicated its intention to increase the price of the Figo on account of rising input costs. There has been no announcements on the exact price hike but the hike will take place next week. The price rise will be effective from 1st June. Ford India has received over 20,000 bookings for the car and the waiting period has been reduced to four weeks. Work is on to start exporting the Ford Figo to South Africa and some of the increase in the output at the Chennai plant will be for that purpose also. Currently, the company manufactures over 6,000 units every month of the Figo at their Chennai plant.
“We can’t defy gravity for ever. The general industry cost is rising, steel prices are up, components are costlier and there has also been an increase in transport cost,” Ford India Executive Director (Marketing, Sales and Services) Nigel Wark said. “We are still fine tuning the price. It will, however, not be a major hike and well below 2%.” “The success of the car has been stupendous. A brand new product with a brand new factory is always challenging but we are already past the 20,000 units mark in booking and our effort will be to continue the momentum in the months to come,” Wark added.