French carmaker Renault today said the prototype of its utra low-cost car for the Indian market, being developed in partnership with Nissan and Bajaj, will be ready by early next year.
"All details related to the ultra low-cost car and its prototype will be ready by the end of this year or early next year," Renault India Country General Manager Marc Nassif told reporters on the sidelines of the Society of Indian Automobile Manufacturers (SIAM) summit here.
The Franco-Japanese alliance, Renault-Nissan is currently developing a ultra low-cost car with the Indian two -wheeler maker Bajaj, which is scheduled to hit the market by 2012 with an agreed price of $2,500.
When asked about the details of the project, Nassif said the partners will finalise the exact pricing, engine capacity and marketing strategy by next year.
The project had reportedly had faced some hurdles due to lack of consensus among partners on some issues. However, now the companies have agreed that Bajaj will be responsible for developing and manufacturing the car, while Renault-Nissan will manage branding and marketing.
The proposed car which was earlier scheduled to be launched before 2012, is likely to give hot chase to the Tata's Nano.
