New Delhi: Ford India on Friday commenced commercial production of its small car Figo from its Chennai plant and the company's managing director Michael Boneham announced plans to produce more models in the next 12 to 18 months.

Figo is the first compact car that will roll off the Ford assembly line. The company produces mid-size sedan Fiesta, Ikon and sports utility vehicle Endeavour at the plant.

A company statement said, "Figo would be a testimony to the company's future cars, and its market demand would decide the launch of new models. We want to introduce a model in the next 12-18 months, then another model after 12-18 months."

Commenting on the $500-million investments it had made over the past two years in the facility, Boneham said 90 per cent of the funds were utilised for the new engine plant and the launch of Figo.

Boneham also said the company would invest in future models as and when required.

Figo would be positioned in the largest small car segment, which according to him makes up 70 per cent of the automobile market. He said the car would hit the roads in March.

Boneham, however, declined to comment on the price of the Figo.

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