Tata Nano, now considered the cheapest car in the world, will have a competitor that will cost you almost $500 less. A new car company in London, Great Britain, called EcoCa Ltd, announced Thursday, November 26, that it is prepared to produce a two seater gas vehicle, tagged $2,200, four you, the math fans this means $487 less than a Tata Nano ($2,687). “We spot India as a profitable market, where we can achieve our goal, to get a $2,200 price for our car,” the EcoCa Ltd. president, Karman M Naghdi,  said.

The London-located company will not produce this car alone, but in a joint with an Indian automaker. Naghdi refused to unveil the name of the company he is negotiating with, but a close official pointed towards Mahindra & Mahindra.

There are no plans or sketches of the design of the new car now, but it is known that it will borrow a big share of VW Beatlle’s lines.

The vehicle will weigh 727 lbs (Nano weighs 1,400 lbs), having under the hood a 340 cc engine, synchronized with an automatic transmission. EcoCa’s model top speed will be 43 mph, 21 mph slower than Tata Nano, and the mileage will be around 67 mpg.