India's Tata motors, which owns Jaguar and Land Rover brands of automobiles today launched 'Nano', the world's cheapest car in Mumbai. Nano, the one lac-rupees (about $2,000)car is an ultimate dream for Indians, where about a quarter of the population live on $2 a day. , said the car was cheap enough to allow Indian families to trade in their motorbikes. Nano is inspired by the philosophy as Ratan Tata, the chairman of Tata Motors says "My fear for the safety of lower-middle-class families who ride four and five to a bike on India's dangerous roads, often with Sari-clad women sitting side-saddle while bouncing babies on their knees."
It is a stripped-down car for frugal times; the car measures 10.2 feet long, has one windshielf wiper, a tiny 624 cc engine capable of a top speed of just over 60 miles per hour, and no air bags or antilock brakes. Consumers seeking air conditioning, a radio, or power steering will have to pay extra.
The company also announced a State Bank of India-backed scheme which will allow poor buyers to drive home a Nano with an initial payment of around £40.
Mr Tata said he hoped the no-frills car would reach beyond India: the company plans to offer the Nano for sale in the UK and Europe by 2011.
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