Ford (F) Boosting Exports to Middle East, Mexico and North Africa

Ford Motor Company (NYSE:F) announced its India-made Figo compact car will target Middle East, Mexico and North Africa as major markets to export to.

Michael Boneham, the managing director of Ford Motor Company (NYSE:F) India said, “India is a great cost base. Figo is a new small car entrant from Ford globally. You will see more cars in the small car segment being made from India and sold overseas. The first shipment of 1,500 Figo cars will go to Mexico next week.”

Probably learning lessons from Toyota's (NYSE:TM) mistakes in emerging markets, where they attempted to push higher-end and more expensive vehicles into those regions, a major failure which they're rectifying at this time, Ford is preparing a low-cost option for these markets, a move that should work for them.

Ford was trading at $14.08, down $0.21, or 1.47 percent, as of 2:47 PM EST.