Ford CEO Alan Mulally told CNBC in the US that his company is targeting “nearly eight million” sales by 2015. Last year, the Detroit-based manufacturer sold 5.3 million vehicles around the world.
Ford has set its sights on significant growth in Africa and Asia, and in particular China, a region where it is currently behind the eight ball.
According to USA today, Ford has sold 230,068 vehicles in China this year, well behind key rival General Motors, which has sold 1.08 million vehicles in the rapidly expanding market.
India will also be a key focus, as the developing automotive market is expected to rise to the third largest sector for new vehicles within a decade.
Currently 15 percent of Ford Motor Co.’s sales are in Asia and Africa, and Ford plans to increase this to 30 percent by 2020.
Mr Mulally said the Australian-engineered Ford Figo, as well as the Fiesta and Focus, would become the core models in those markets.
The Ford boss said 55 percent of the company’s global sales will be small cars in the near future, and insisted cost cutting and economies of scale would help “grow profitability”, rather than sacrifice profit for growth.