Global auto market to grow 5 pct

NEW DELHI (Reuters): The global automobile market is expected to grow by 5 percent a year for the next two years, led by the Asia Pacific region, Ford Motor Co CEO Alan Mulally said on Wednesday.

China and India will be the main drivers of growth within the region, Mulally told reporters.

Ford on Wednesday launched the EcoSport, its new global compact sports utility vehicle, and said it will invest $142 million in its Chennai plant in south India to manufacture the model for the domestic and export markets.