New Delhi: Auto maker Ford India Thursday launched updated version of its compact sedan Aspire at an introductory price in the range of Rs 5.55-8.49 lakh (ex-showroom).

The petrol manual versions are priced between Rs 5.55- 7.24 lakh. The automatic petrol variant is tagged at Rs 8.49 lakh.

The diesel trims are priced between Rs 6.45-8.14 lakh (all prices ex-showroom).

“With many segment best and industry first features new Ford Aspire ensures that every customer gets what they desire,” Ford India President and Managing Director Anurag Mehrotra told reporters here.

He added that the compact sedan segment is growing in the country and is expected to touch 4.5 lakh units by the end the year.

“It has the potential to double by the end of the decade,” Mehrotra said.

Commenting on the localisation level, he said all the new products from the company’s stable will start at a level of 85 per cent.

He said Ford India’s domestic sales crossed the USD 1 billion mark in 2017-18 for the first time in its history.

The company’s export revenue in 2017-18 stood at USD 2.4 billion.

When asked about sales growth during the current fiscal, Mehrotra said during January-August period, the domestic PV industry has grown 6 per cent while Ford grew 11 per cent.

“We will continue to grow faster than the industry,” he added.

The petrol variants of the new Aspire are powered by 1.2 litre engine while the automatic comes with a three cylinder 1.5 litre engine mated to a six-speed transmission.

The diesel trims come with 1.5 litre powertrain that also powers its popular compact SUV EcoSport.

The company manufactures the compact sedan at its Sanand plant in Gujarat, where it has invested over USD 2 billion.