15/08/2008 05:24. Ford ( F ) plans to meet consumer demand for fuel efficient cars with the Fiesta, a subcompact car.

The move is critical to Ford because it doesn't have a subcompact to compete with the Toyota ( TM ) Yaris, Honda ( HMC ) Fit and Nissan ( NSANY ) Versa.

The Fiesta is the first car to be built under CEO Alan Mulally's "One Ford" strategy that calls for the company's worldwide units to work together. Ford plans to offer the Fiesta in North America in 2010.

The Focus, now sold in North America, shares only about 20% of the Fiesta's parts. The North American version of the Fiesta will share about 90% of its parts with models made in Europe and Asia.

Using the same frame -- called a "platform" in the auto industry -- can cut development costs while allowing varying colors, interiors and... // Minyanville.com