US carmaker Ford today launched its much anticipated global small car 'Figo' in the

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Indian market, priced at Rs 3.5 lakh to Rs 4.48 lakh.

The company said it will be exporting the car from India to

various markets across the globe, with South Africa being the initial target.

"For years, we have been seen as offering only premium priced products in India, and that has kept us as a small player operating in only 20 per cent of the market. With Figo, customers will see a premium product offered to the mainstream market at an affordable price," Ford India executive Director (Marketing, Sales and Service) Nigel Wark told reporters here.

The car would be available with a 1.2 litre petrol and a 1.4 litre diesel engines. While the entry-level version of the petrol variant will come at Rs 3.5 lakh, the diesel one is priced at Rs 4.48 lakh.

The company claimed that the car would give a mileage of 15.6 kilometre and 20 kilometre in every litre in the petrol and diesel versions, respectively.

The company is also looking at making India an export hub for the small car.

"We are preparing for export and South Africa will be the first market where Figo will go out of India. We will be adding more markets to Figo's list later," Ford India Managing Director Michael Boneham said. The Figo would be produced at Ford India's Chennai plant which has an annual capacity of two lakh units.