India's Tata Motors Ltd unveiled the world's cheapest car, the 4-seater Nano with a price of about $2,500--about half the cost of the cheapest car on the market today. The Nano will go on sale later this year, intended for the emerging demand for an affordable car in the emerging China, India and Russia markets.
Initially, Tata will produce around 250,000 Nanos and expects annual demand to build to 1 million units at year.
The announcement comes as oil has topped $100 a barrel and global car makers rush to produce small cars of their own. Ford plans a small car built within India within two years; Nissan Motor and Renault plans a $3,000 car with India's Bajaj auto; and Volkswagen, Toyota, Honda and Fiat are also studying the market. Expect the trend to continue as demand increases in emerging economies.
Ironically, it is Tata that is negotiating for purchase of the luxury Jaguar and Land Rover brands from Ford Motor Co.
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