( RIA Novosti ) - Japan's auto giant Nissan is planning to develop a low-cost car for India, to meet the needs of households on a moderate budget, the company's chief executive said Wednesday.
Speaking at a meeting of the Nissan shareholders Wednesday, Carlos Ghosn said the company was developing a $3,000 automobile for India jointly with French automaker Renault and an Indian carmaker.
Nissan earlier announced its intention to develop a budget car costing about $5,000 for emerging economies such as Brazil, Russia, India and China.
However, Ghosn admitted that Nissan had not set a timeframe for launching cheap car production in India.
Toyota, another Japanese auto giant, also announced its plans to offer a car costing less than $7,000 to emerging markets by 2010. Toyota intends to build a car plant in India for this purpose.