Make way for the hundred dollar laptop of automobiles:
Tata Group Chief Ratan Tata told shareholders that the launch of the car would create a new paradigm in low-cost personal transport, carve out a new market segment and reach a broader base of the pyramid.
"The styling and designing of the car have been completed and prototypes are being tested in the plant. It will be a rear engine, 4-5 seat, four-door car with about a 30 horsepower engine," Tata said in the company's annual report for 2005-06.
The car will be launched in early 2008 and we believe it will be extremely attractive to the Indian consumer, particularly younger families, at a price level of about Rs one lakh, Tata said.