Here's a competitor for Tata Motor's small car Nano. Renault-Nissan head Carlos Ghosn and Bajaj's Rajiv Bajaj unfolded their joint venture plan on Monday, announcing a low-cost car at $2,500 (Rs 1 lakh) to be manufactured in India. The car is expected to hit the road early 2011, a little more than two years after Nano, which is scheduled to roll out in September-October.
Sources said the Bajaj-Renault-Nissan car would come in both petrol and diesel options. "Initially, it would come with a petrol version and diesel would follow," they said. However, apart from revealing the price tag, the two companies refused to give details regarding investments, engine capacity, and fuel efficiency.
In a statement issued on behalf of Bajaj and Ghosn, the companies said they they would form a joint-venture to develop, produce and market the low-cost car code-named 'ULC' (most probably Ultra Low Cost). The new JV will be 50% owned by Bajaj Auto, 25% by Renault and 25% by Nissan (a group company of Renault).
Source : http://timesofindia.indiatimes.com/
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