Ratan Tata unveils Rs 1-lakh 'Nano'

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Mumbai, January 10:: Ford Motor Co's premium Jaguar and Land Rover brands.

But Tata has remained steadfast and successful: the Indica has sold more than 1 million units and Tata Motors has emerged as the preferred bidder for the luxury Ford brands.

On Thursday, the 70-year-old chairman of the Tata Group unveild the "People's Car", a mini 4-seater priced, as promised five years ago, at Rs 1,00,000 (dealer price), less than half the price of the cheapest car on the market.

"I have confidence in what we can do, provided we are critical enough about what we can do and we have a desire to improve," Ratan Tata had said in an interview.

"You have to have a belief that you can do something. You have to carry that belief through till the end or decide not to do it. What we should not do is a half-hearted job," he said.

The automotive world has taken note. Volkswagen, Toyota, Honda and Fiat have since said they are looking to build low-cost cars. On Tuesday, Ford said it would invest $500 million in India to make a small car.