Ford Motor on Wednesday unveiled a new compact car designed specifically for India – the Figo – as it seeks to boost its presence in the fast-growing vehicle market, and use the country as an auto export hub.

The new four-door Figo – which means “cool” in Italian slang – will be rolled out in the first quarter of 2010, the latest entrant to the small car market now dominated by Japan’s Suzuki Motor. Ford is investing $500m to double the capacity of its factory in the southern city of Chennai to 200,000 units, to prepare for the launch.