Arvind Mathew, MD and president of Ford (left), and V. Sivaramakrishnan, vice-president (marketing sales and service), in New Delhi on Tuesday. Picture by Rajesh Kumar

New Delhi, Nov. 15: Ford Motor India today announced the prices of its much-awaited mid-sized sedan, Fiesta. The entry-level 1.4-litre Exi petrol version has been priced at Rs 5.59 lakh.

The other two petrol variants ? 1.6-litre ZXi and SXi models ? will carry a price tag of Rs 6.29 lakh and 6.89 lakh, respectively. The 1.4-litre common rail diesel engine variant will, however, cost Rs 6.99 lakh.

Arvind Mathew, managing director and president of Ford Motor India, did not reveal the company?s expectations from the sale of the new model.

Other officials, however, said Ford is aiming at selling 2000 Fiestas per month, after it hits the retail market in mid-December.

In India, Fiesta is positioned against Honda?s City, Hyundai?s Ascent and General Motors? Chevrolet Optra.

Fiesta, which is designed specifically for the Indian and Chinese roads, was launched by Ford Motor chairman Bill Ford last month.

With petrol becoming costlier, Ford hopes that the 1.4-litre turbo diesel-powered Fiesta will give it volumes. Around 70 per cent of the sedan?s parts will be made in India.

Also, Ford Motor is planning to increase sourcing of components from India, which will help it rationalise cost and manpower in developed markets.

Fiesta is likely to boost Ford?s sales in India. Even after more than a decade of operations here, the second largest US auto firm has not managed to gain a strong foothold in the growing Indian market. Its market share is still in single digit percentage.