NEW DELHI Tata Motors Ltd (TAMO.BO) (TTM.N), India's top vehicle maker, on Thursday unveiled its low-cost small car and said it would roll out the new vehicle, named the "Nano," later this year.
Chairman Ratan Tata drove the long-awaited car on to the stage at the Auto Expo in the capital and told the audience it would have a dealer price of 100,000 rupees ($2,500) as promised five years ago, even though commodity prices had gone up.
"That's because a promise is a promise," Tata said.
The car, a hatchback with a 624cc engine, is priced at about half that of the current cheapest car in the market, and is a sharp contrast to the luxury Jaguar and Land Rover brands that Tata is negotiating to buy from Ford Motor Co (F.N).
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