Seoul -

The Future of Nano was in shambles till a few days back and now when it has found its home, a Gujarati Company, Ajanta Manufacturing Ltd is all set to sweep the market with its new E-car called Oreva E. The small electric car will be priced at approximately Rs 1 lakh and is sure to give competition to Nano. The company is known for making electric bikes and is now venturing into manufacturing cars.

The number of cars on the road is increasing day by day. So is the competition between various companies.

Chris Buxton, Bentley Motors Regional Director (Middle East, Africa and India) said in a press meeting” There has been a slowdown in the global automobile market and we are expecting to compensate this slowdown, by increased demand in emerging market like India, China and Middle East”.

Ajanta group, makers of electric bikes and scooters under the ‘Oreva’ brand, is all set to roll out its own electric car (e-car) in the Indian market. 

The group announced to launch its own ‘Oreva Green’ car, which runs on electric fuel. 

Ajanta, which currently manufactures its bikes in Morbi in Gujarat, will soon be introducing its electric car from the same manufacturing plant. 

Moreover, Tata has also declared to shift ‘Nano’ car plant in Sanand village in Gujarat. Both the cars have their plants in Gujarat.

Stuttgart, Germany - A powerful Porsche sports car, minus the marque's unmistakeable bad-boy engine roar, may go on the market next year, with a German company to install nearly silent electric motors in the cars, a magazine reported Saturday.

The adapted Porsche 911 cars will be a product of the Alois Ruf customizing company in Stuttgart, the weekly Wirtschaftswoche said.

Detroit - US automakers are looking right into an abyss, and experts note that the US economy is facing its next health problem following the collapse of its financial sector.

After a downward slide that has already lasted years, and with losses worth billions of dollars, General Motors (GM) and Ford appear to be racing ever closer to the precipice.

The financial crisis threatens to cut off the funds of the heavily indebted manufacturers. The stock exchange has already discounted the staggering auto giants, as share prices fell even faster than sales figures.