With the launch of new 2010 car models through an agent in Bangladesh, Ford Motor Company, a US automobile giant, has expanded its business here at a time when carmakers are facing slack sales in the wake of financial crisis worldwide.
The company eyes a good share in Bangladesh's posh car market, as its officials and others said at a function in Dhaka on Monday, organised by AG Automobiles Limited, a concern of Anwar Group that has been appointed as the US carmaker's local seller.
AG Automobiles has already sold 68 different brands of Ford vehicles here.
This local firm will introduce a wide range of new 2010 Ford models, including Ranger Pickup, Everest SUV and Focus cars.
Commerce Minister Faruk Khan formally launched the Ford's new version at a showroom at Uttara. Health Minister AFM Ruhal Haque, US Ambassador to Bangladesh James F Moriarty and Managing Director of Anwar Group Hossain Khaled were also present.
According to people close to the local car market, the Ford brand cars might have a good prospect, although BMW, Mercedes-Benz, Volvo and Nissan along with Toyota's latest brands are also available here.
"Our position has so far been strong in the global car market, although some other car makers are facing problems," David M Westerman, Asia Pacific regional manager, Ford Export Operations, told the launching programme.
"Ford's entrance in Bangladesh will obviously help us stimulate our global sales," he said, adding: " I hope Ford's new brand will get popularity in Bangladesh market."
For the first time in 2009, Ford's sales volume of new vehicles was up in June compared with the same month a year earlier in the European market. Ford's market share in the continent marked a rise in the first half of the year by 0.5 percentage points to 9.2 percent.
Its Europe operations however reported a loss of $550 million in the first quarter of 2009, compared with a $739 million profit a year ago.
In 2008, Ford had posted a full year automotive operations profit of $1.06 billion in Europe, which is $63 million higher than in 2007.
"As with the second half 2008, first quarter 2009 results were affected significantly by the dramatic lower demand for J and production of J vehicles as a consequence of the economic downturn affecting the European markets and the automotive industry," according to Ford's latest fact sheet.
"We expect the weak economic situation to continue to constrain earnings in 2009," the fact sheet says.
In Bangladesh, around 20,000 cars are imported every year. Of these cars, 2,000 are brand new ones.
The commerce minister in his speech said the business interest of a global automobile giant like Ford in Bangladesh proves that the country's economy is booming.
The US envoy said his country has a strong trade relationship with Bangladesh, but it could be even stronger. "I urge the government of Bangladesh to maintain a free and open market that benefits both consumers and producers," said Moriarty.
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