Auto | Slowdown won’t affect India plans, Ford says

Auto | Slowdown won’t affect India plans, Ford says
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First Published: Thu, Feb 12 2009. 10 20 PM IST
Updated: Thu, Feb 12 2009. 10 20 PM IST
Chicago: US car maker Ford Motor Co. said the turmoil in the US auto market will not impact its expansion plans in India and it remains committed to the market. “Our basic plans in the US and globally are continuing. The product and manufacturing essence of our plans in India are intact,” group vice-president Jim Farley said on Thursday on the sidelines of the Chicago Auto Show.
Farley said Ford constantly relooks at its plans given the economic crisis but it does not see that having an impact on its India operations.
—PTI
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Chrysler hopes to enter India through Fiat deal
Chicago: Ailing US auto company Chrysler Llc. is hoping to ride on its deal with Fiat SpA to enter the Indian car market which offers opportunities for its range of products, particularly the Jeep brand. “This (deal with Fiat) may be an opportunity for us, particularly for the Jeep brand that could be very successful in that market,” executive vice-president (product development) Frank Klegon said on Thursday on the sidelines of the Chicago Auto Show.
He did not put a time frame by when the company would launch products in India. Last month, Chrysler entered into a strategic alliance with the Italian car maker under which Fiat would receive a 35% stake in it.
—PTI
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Creditworthiness of auto part makers down
New Delhi: The creditworthiness of the auto component makers has declined since the third quarter of 2008-09 due to the weakness in the automotive industry on reduced domestic and overseas demand, according to rating agency Crisil Ltd.
“The source of this decline is the weakness in the user automotive industry, which has led to reduced off-take by domestic original equipment manufacturers (OEMs) and a slowdown in export demand,” the rating agency said in a release.
These prospects have led Crisil to lower ratings or revise outlooks downwards on 12 suppliers since October 2008.
Further, rating on 18 of the 56 auto-component suppliers that Crisil rates carry negative outlooks.
—PTI
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First Published: Thu, Feb 12 2009. 10 20 PM IST