Ratan Tata and his eponymous company sent the automotive world buzzing with news of their $2,500 car, the lilliputian Nano. At the time, we reported that Bajaj Auto, which is partnered with Renault-Nissan, was going to announce a $3,000 car. Turns out the companies have found a way to cut $500 off the price to create a $2,500 competitor. To make this car the three companies are creating a new company with ownership split between Renault (25%), Nissan (25%) and Bajaj Auto (50%). No name on the car other than the codename "ULC" which we can only guess stands for "Uncomfortable, Little and Cheap." The car is to be sold in India in early 2011 as the primary market. Press release below the jump.
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