Toyota plans ultra cheap $6000 car

Toyota Motor Corp. says it is planning to build a low-cost car, cheaper than Renault's Logan which goes for $6,200.

The car's market will be China, Russia and other emerging economies.

"Everything from design to production methods will be radically changed and we are thinking of a really ultra-low-cost way of designing, using ultra-low-cost materials, even developing new materials if necessary," said Toyota's CEO.

Additionally, the new ultra-cheap car will be yet another challenge to US automakers.

Toyota certainly has the resources to tackle this new venture.

US automakers do not.

What do you think?