Toyota Motor Corp. plans to build a low-cost car undercutting Renault's emerging-market Logan through a "radical" rethink in design and production, the president of the fast-growing Japanese automaker said.

"The focus is on low-cost technology," Toyota president Katsuaki Watanabe told Britain's Financial Times newspaper in an interview published Monday.

He declined to set a price for a low-cost car but said it would be "at least" less than the Logan.

Renault has started production of the Logan, which will cost from 5,000 euros (6,200 dollars) on up, touted as a budget model for consumers in emerging economies such as China and Russia that conforms to European standards.

Wow...That really sounds cool. Looking forward for the production to start.