NEW YORK ( TheStreet) -- Ford's (F) - Get Reportnew $1 billion vehicle assembly complex in the Indian state of Gujarat will give the automaker expanded export opportunities, especially throughout southeast Asia and Africa. 

Ford's new factories, with a potential capacity of 240,000 vehicles and 270,000 engines annually, will increase the automaker's Indian capacity to 440,000 vehicles and 610,000 engines. Even so, on a relative basis Ford remains one of the country's smaller producers. 

The ceremonial opening of the factories in Sanand on Thursday was attended by several local dignitaries as well as Mark Fields, Ford's CEO.

"We have taken our growth commitment to a new high in India," Fields said, "creating new jobs and serving our customers around the world with great products." 

A stronger international car business in Asia and other overseas markets will give Ford more balance in its financial performance. For the moment, large pickup trucks sold in the U.S. are disproportionately important to the company's bottom line. 

Although Ford's financial performance has strengthened, its shares haven't performed well since the global financial crisis. In the past five years, they've gained 15.4%, compared with a 65% increase for the Dow Jones Industrial Average and a 77% increase for the S&P 500 over the same period. 

Ford's Figo Aspire, a small compact sedan, will be the first model produced at the new Sanand complex. According to IHS automotive analyst Anil Sharma, Figo -- which is less than four meters in length and thus eligible for low excise duties -- will allow Ford to price it "aggressively." Other automakers have spotted this opening. Among its competitors are Maruti Suzuki Swift Dzire, Honda Amaze, Tata Zest, and Hyundai Xcent. 

"Given Ford India's focus on export volumes," Sharma said in a research note, "the inauguration of the new plant is a positive development." Output should grow to 170,000 cars in 2016 after production this year of about 72,000 cars. 

Sharma noted that local demand in India has begun to pick up in the past couple months after a few sluggish years. That puts automakers that were counting on local sales in a tough spot. Ford is planning to export about half the plant's output, he said. 

Ford sold 77,140 vehicles in India in 2014, down from 80,431 in 2013, while exports nearly doubled to 76,981 units over the same period. The market leader Maruti sold 81,564 passenger cars in December alone. 

Ford's other manufacturing complex near Chennai produces the Ecosport SUV, a popular model that has allowed the company to add a third production shift and raise prices. There isn't much competition in the segment, according to IHS. 

The expectation for India is that automotive demand will pick up in the country, as Indian consumers grow more prosperous and trade their two-wheel scooter and motorcycles, the dominant mode of motorized transportation, for small cars. But analysts have warned that India must improve its roads and other infrastructure to promote automotive growth. 

JD Power had been predicting that annual car sales would reach 9 million by 2020. Recently the forecast scaled the prediction back to 7 million, based on recent trends.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.