The Nano, the world's cheapest car, built by Tata Group of India, will soon have a hybrid version according to a South Korean newspaper interview with company chairman Ratan Tata.

The article, which appeared in The Maeil Business Newspaper, according to Reuters, quoted Tata who said that the low-price revolution characterized by products like the Nano would continue to sweet the global economy.

In India, the per capital income stands at around $820 annually with the motorcycle offering the most common form of transportation. The Nano was designed to compete with that class of transportation, with motorcycles starting at around $1,000.

The four-door Nano comes in shorter than the Honda Fit by 29 inches, but theoretically has room for five. In its existing form, the model does meet international specifications for emissions. The Nano, which costs approximately $2,000, first appeared on streets in India in July 2009.

Tata Motors Ltd. is currently the largest carmaker in India and owns both the Land Rover and Jaguar brands. The Nano is the brain child of company chairman Ratan Tata, 71. The vehicle could have significant global appeal if offered in a version that was both economical and environmentally friendly.

Currently the company is said to be evaluating the potential of markets in both Vietnam and the United States. At the same time, Tata, a business visionary, said he was also interested in software and hotels, bio fuels in the South American markets, biotechnology and bioengineering, and the nutrient-rich food market.