Word: lakh
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...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 adjusted for inflation would now be nearly $10,500.) It could well be one of the most...
...components. "It's a very tight package," Ratan Tata said. Given the steep rise in the cost of steel, rubber and other inputs in the past few years, it's possible that the entry level Nano might not break even, though Tata made a point of saying the "one lakh" price tag in India will stay because "a promise is a promise". The car, the company says, will make money across its various models...
...asked me would it be possible to build a lower cost car than this - a car say for 50,000 rupees [$1,300] - I might be driven to say, 'Yes, it might be possible.'" He pauses for a few seconds. "I don't think anything's impossible." The half lakh car anyone...
...from Britain's West Midlands region, some of whom had been jobless after closures in Britain's auto industry over the past few years. Indian producers are relentless cost cutters. Many, including Tata, buy parts through Internet auctions to get the best price. Industry analysts speculate that the One-Lakh Car may revolutionize assembly, with some parts glued together rather than welded or bolted. Even so, Tata officials acknowledge that profit margins will be slim. The company is counting on high sales volume to generate significant earnings and create brand loyalty among customers, who will probably trade up to more...
...listening to "these rich people ask about congestion and pollution and global warming. I ask them, 'Sir, will you stop using your car and start taking the bus?' People should be thanking us. Our cars are small. Let all those SUVs in America be replaced by the One-Lakh Car, if people are so worried." Today, India. Tomorrow, the world...