Tata Motors of India launced the Nano. World's cheapest car!

Get the specs -

Length: 122"
Height: 63"
Width : 59"
Engine: Rear-mounted 2 cylinder 623 cc (0.6L). All Aluminium. Multi-Point Fuel Injection petrol engine
Horsepower: 33 hp
Top Speed: 65 mph
Fuel Efficiency: 75 mpg

Safety: Sheet-metal body, Crumple zones, Intrusion-resistant doors, seat-belts, strong seats and anchorages, rear tailgate glass bonded to the body.

Emissions: Euro III, and the engine has the capability of matching Euro IV standards.
Tailpipe emission performance exceeds regulatory requirements.
In terms of overall pollutants, it has a lower pollution level than a motorbike.
The high fuel efficiency also ensures that the car has low carbon dioxide emissions,
thereby providing the twin benefits of an affordable transportation solution with a low carbon footprint.

Production Target: 250,000 units at present and with plan to scale it to 350,000 units.

Price: Standard model price Rs 1,00,000 ($2,500 USD)

Tata has pulled off yet another feat - A car that runs on AIR!! Stay tuned for my lens on that.