Renault mulling super low-cost car

Renault is considering producing a super low-cost car for emerging markets, it said on Thursday after a newspaper reported it would design a $3,000 model in India, which would rank as one of the world's cheapest cars. Annual car sales in India are expected to nearly double to 2 million by 2010 with small cars making up more than two-thirds of the market.
The Renault move would help it catch up with Indian rivals such as Tata Motors, which is planning to put a car on the market they hope will cost less than $3,000 before tax. Le Figaro newspaper reported that the French car maker would hire 1,000 engineers to design a super low-cost model within three years. The car would not be sold in Europe.