Toyota will be joining the cheap-car race with its own $5,000, what we like to call, very-compact car. The car will compete with the likes of the Tata Nano and will be targeted towards emerging markets such as India and Brazil. According to Asahi, a Japanese newspaper, Toyota will produce the small-car with Daihatsu and will have it ready by 2015.
The car will most likely be exported from India to Brazil reports Automotive News. It is also rumored that the car will be sold under a fourth brand that will join Toyota, Lexus and Scion.
Tata’s Nano is expected to arrive next year with prices starting at $2,500.