Word: econobox
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...riding on the the world's cheapest car. In the words of Ratan Tata, chairman of the company behind the upstart econobox, India's "People's Car" will be a "safe, affordable, all weather vehicle for a family which is today traveling on a two wheeler." The entry level model is ticketed at just over $2,500 - or the equivalent of 100,000 rupees or one Lakh - a revolutionary price where the average lower middle class income is $200 a month. (For comparison's sake, in the early 1970s, Honda introduced affordable, good quality Civics at about $2,200, which...
Carmakers aren't just targeting India. Tata Motors has plans to export its econobox to Southeast Asia and Africa. Ratan Tata, chairman of Tata Motors' parent company, Tata Group, believes his company can eventually sell as many as 1 million cheap cars a year worldwide. That may be a realistic assessment. Globally, up to 3.7 million such vehicles could be sold annually within the next few years, mostly in fast-growing markets like Brazil, China, India and Russia, says Abdul Majeed, a partner at PricewaterhouseCoopers in Chennai (formerly Madras). "It's all about affordability and fuel efficiency," says Majeed...
...Carmakers aren't just targeting India. Tata Motors has plans to export its econobox to Southeast Asia and Africa as well. Ratan Tata, the chairman of Tata Motors' parent company, Tata Group, believes they can eventually sell as many as a million cheap cars a year worldwide. That may be a realistic assessment. Globally, up to 3.7 million of such vehicles could be sold annually within the next few years, mostly in fast-growing markets like Brazil, China, India and Russia, says Abdul Majeed, a partner at PricewaterhouseCoopers in Chennai (formerly Madras). "It's all about affordability and fuel efficiency...
...Hyundai's success. The South Korean company is following much the same formula that Toyota used decades ago to overcome its "cheap Asian import" stigma and become one of the world's most respected brands. When Hyundai first entered the U.S. market in 1986, its Excel sedan--an econobox with a $4,995 price tag--was an instant hit with frugal buyers. But customers soon discovered they were getting what they paid for: Excels were prone to quality-control problems and frequently needed to have parts replaced. Sales tanked, and Hyundai became a laughingstock. In 1998, Late Show TV host...
...Hyundai's success. The South Korean company is following much the same formula that Toyota used decades ago to overcome its "cheap Asian import" stigma and become one of the world's most respected brands. When Hyundai first entered the U.S. market in 1986, its Excel sedan?an econobox with a $4,995 price tag?was an instant hit with frugal buyers. But customers soon discovered they were getting what they paid for: Excels were prone to quality-control problems and frequently needed parts replaced. Sales tanked, and Hyundai became a laughingstock. In 1998, Late Show TV host David Letterman...
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