Fiat is planning to launch a low-cost budget car in 2010 and a micro car in late 2009, according to the firm's head of research and development. The new model would be a low-cost vehicle developed as world car targeting markets in South America, Russia, India and China. It has not yet been disclosed whether the new small car will wear the Fiat-badge or not, as there is a possiblity of a new brand being used. Fiat India had recently entered into an agreement with TATA (maker of Nano)to distributed and market its cars in India. This partnership might be further exploited to develop a budget car for developing countries which could also be a successor for Fiat Palio.source just-auto