Ford Motor Co. (F - Free Report) inaugurated its first authorized Ford dealership in Myanmar with the opening of a 2,600-square-meter facility on Insein Road in Yangon. The dealership will help the automaker expand its presence in the rapidly growing Myanmar market. The facility incorporates a 12-vehicle showroom and has a 12-vehicle servicing capacity.
During the opening of the dealership, Ford displayed vehicles that are already marketed in Myanmar, such as Ranger, Taurus and Explorer. Soon, the customers in Myanmar will be able to choose from the full range of Ford’s cars, trucks and SUVs. These vehicles will be imported from Ford’s manufacturing units in North America, Europe and Thailand.
Ford officially entered Myanmar in April via an agreement with RMA Group and Capital Automotive Ltd. RMA Group operates in Asia and Africa, while Capital Automotive Ltd is a subsidiary of Capital Diamond Star Group, a market leader in Myanmar.
Ford's expansion in Myanmar complements the automaker's growth strategy in the ASEAN region. The automaker is experiencing the largest industrial expansion in the region and it expects the Asia Pacific region to contribute 60% to 70% of its worldwide growth by the end of the decade.
Ford also announced that the vehicles sold in Myanmar will have manufacturer's warranty of either 5 years or 100,000 km traveled. This will be among the highest warranty offered by any company and will provide consumers with the best in class ownership experience.
In addition, Ford has taken initiatives to increase its training resources and bring technical experts to provide training in the region. These experts will provide skill training to the technicians, sales and service personal of the company.
Ford currently has a Zacks Rank #2 (Buy). Other major automobile stocks worth considering are Volkswagen AG (VLKAY - Free Report) , General Motors (GM - Free Report) and Tesla Motors, Inc. (TSLA - Free Report) . All these stocks carry a Zacks Rank #2 (Buy).