New Delhi, May 3: In a bid to destroy Tata Nano's stronghold in the Indian markets as the cheapest car, French auto major Renault and Bajaj Auto are set to roll out a car with a price tag of around Rs 1.10 lakh (USD 2,500).
“In India, Renault and Nissan are developing an ultra low cost vehicle with the Bajaj group, benefiting from its expertise in the light vehicles and the knowledge of the Indian market. We are aiming for a price of USD 2,500," Renault President and CEO Carlos Ghosn said at the Annual General Meeting of the company on Friday, Apr 30.
Bajaj Auto Managing Director Rajiv Bajaj affirmed that this was the price agreed on by both the companies.
With this, the speculations on the pricing of the Ultra Low Cost (ULC) car comes to an end.
It was reported earlier that the pricing factor is the what was leading to the delay in the project.
The project was announced in 2008 and the car was, initially, scheduled to enter the markets in 2010. The launch of the car has been postponed to 2012.