Read the following extract and answer the following questions:

Ford Motors, an American company, is one of the world’s largest automobile manufacturers, with production spread over 26 countries worldwide. Ford Motors came to India in 1995 and spent Rs. 1700 crore to set up a large plant near Chennai. This was done in collaboration with Mahindra and Mahindra, a major Indian manufacturer of jeeps and trucks. By the year 2017, Ford Motors was selling 88,000 cars in the Indian markets, while another 1,81,000 cars were exported from India to South Africa, Mexico, Brazil, and the United States of America. The company wants to develop Ford India as a component supplying base for its other global plants.

By setting up production in India, Ford is not only tapping the Indian market but also using the available cheap factors of production.

Choose if the given statement is True/False.