Sriperumbudur (TN): South Korea's Hyundai Motor Co today said it has no plans to compete with Tata Motors Nano, the world's cheapest car that costs just Rs 100,000 or $2,500.

"Right now, we are not looking at competing with Nano in pricing," Hyundai Motor Co Chairman and CEO Mong-Koo Chung told reporters after the inauguration of the company's second manufacturing plant here.

Tata had unveiled Nano at the Auto Expo in the national Capital last month. It is due for commercial roll out later this year. He, however, said that the company was looking at coming up with a product that would be priced lesser than its bread-and-butter car Santro, but that would take at least three years.

On plans to strengthen its position in the small car segment, Hyundai Motor India Ltd Senior Vice-President (Sales and Marketing) Arvind Saxena said, "As of now it (a car priced lower than Santro) is just in the thought process. It may take another three years to develop this." However, there was no no plan to phase out the Santro.

Source : PTI