Check out this video of the new Tata Nano:

Wiki Definition:  Tata Nano is a rear-engined, four-passenger city car built by Tata Motors, aimed primarily at the Indian market. The car has a fuel efficiency of around 26 kilometres per litre (73 mpg_-imp; 61 mpg_-US) on the highway and around 22 kilometres per litre (62 mpg_-imp; 52 mpg_-US) in the city. It debuted at the 9th annualAuto Expo on January 10, 2008, at Pragati Maidan in New Delhi, India.  The Nano had its commercial launch on March 23, 2009, and a booking period from April 9 to April 25, generating more than 200,000 bookings for the car. The cars started to be delivered to customers after July 17, 2009, with a starting price of Rs100,000, which is approximately equal to UK£1,360 or US$2,160 as of December 2009. This is cheaper than the Maruti 800, its main competitor and next cheapest Indian car priced at Rs 184,641 ($3,988 U.S.). Tata had sought to produce the least expensive production car in the world — aiming for a starting price of Rs 100,000 (approximately US$2,000 as of June 2009).

In early 2008 the news magazine Newsweek identified the Nano as a part of a “new breed of 21st-century cars” that embody “a contrarian philosophy of smaller, lighter, cheaper” and portend a new era in inexpensive personal transportation — and potentially, “global gridlock”.^[15] The Wall Street Journal confirmed a global trend toward small cars, which includes the Nano.

“Nano” means “small” in Gujarati, the language of the founders of the Tata Group. “Nano” from the SI prefix for one-billionth is derived from the Greek νᾶνος, meaning dwarf, and is sometimes used to mean “small” in colloquial English.

R.A. Mashelkar: Breakthrough designs for ultra-low-cost products

Engineer RA Mashelkar shares three stories of ultra-low-cost design from India that use bottom-up rethinking, and some clever engineering, to bring expensive products (cars, prosthetics) into the realm of the possible for everyone.