Final answer:
The statement is true. Tata Motors launched the Tata Nano, notable for its price of approximately $2,500 and aimed to provide an affordable transportation solution. This company is a key part of India's expanding vehicle manufacturing sector and global economic presence.
Step-by-step explanation:
The statement is true. Tata Motors, an Indian multinational automotive manufacturing company, launched the Tata Nano, which was renowned for its exceptionally low sticker price of approximately $2,500. The Tata Nano was indeed a radical new design that aimed to offer an affordable transportation solution. As India's largest designer and manufacturer of commercial buses and trucks, Tata Motors not only focuses on the more economical segments of the market but also produces mid-sized and larger automobiles. The company's expansion into international markets like Spain, Thailand, South Korea, and the United Kingdom showcases its role as a significant player in the global automotive industry. Indeed, in 2010, India emerged as a formidable competitor in Asia's automotive export market, ranking alongside Thailand, South Korea, and Japan.
Beyond the success of the Tata Nano, Tata Motors exemplifies the burgeoning economic milieu in India, particularly in the vehicle manufacturing sector. The growth of India's vehicle manufacturing base is indicative of a larger trend of economic expansion and international trade engagement, with Tata Motors at the forefront as the country's foremost vehicle production corporation and a major commercial vehicle manufacturer globally.