Bajaj Auto Ltd. and Renault-Nissan, the World's fourth largest car maker, will build $2500 (Rs 1 Lakh) car in India which will challenge Tata Motors Nano as the country cheapest car.
The New car, Codenamed ULC, or ultra low cost, go on sale in 2011. Nano will availabe to buyers on this Diwali.
The New car would cost much more than a lakh, and would have a milage 34 kilometers to the litre. The ULC will have an engine in front unlike Nano which has a engine under the back seat. The car would be manufactured in a brand new plant in Chakan
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