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Video: Ultracheap Car to Hit India's Streets in July

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Ratan Tata & Nano

Video (1min 41sec): The world's cheapest car, The Nano, will retail for just over $2,000 and can be yours, if you live in India and are very lucky, by July, Tata Motors said Monday.

Tata Motors can only produce 50,000 cars a year from its current manufacturing plant.

When a new plant opens later this year, that number will grow ten-fold.

And looking down the road the company has already shown off a sturdier model for the European market.

Ratan Tata: "We believe that within the next three or so years, we could develop a version of the Nano with options the US market might want to have."