Indian auto maker giant Tata to launch $2,000 car

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.

Link, via indianraj blog. One lakh rupees is 100,000 rupees, which is about $2100 in US dollars. (Thanks, Razib Ahmed)