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In the wake of misinterpretations regarding Bajaj-Nissan-Renault's ultra low cost (ULC) car project, finally the air was cleared earlier today when Bajaj announced signing of MOU with Nissan-Renault. According to this MOU, Bajaj will only and only design and manufacture the ULC vehicle. In no way Bajaj want to or will be interfering with distribution and marketing of the ULC vehicle.
When this project was announced earlier in 2007, it was a Joint Venture between the Indian, French and Japanese automakers. But over the years the companies found themselves heading nowhere with the JV. So earlier this year, the auto giants decided to scrap earlier signed JV. Finally an MOU was signed which bringing the project back on track. Bajaj MD, Mr Rajiv Bajaj confirmed signing of an MOU with Nissan-Renault. Bajaj-Renault-Nissan ULC vehicle is slated for a 2012 release with a price tag of US$ 3000.
