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Tata's New Electric Nano a Hit in Market

NEW YORK ( TheStreet) -- Tata Motors (TTM) ADRs surged 3.7% to $18.40 after the Indian automaker unveiled the electric version pictured above of its Nano "people's car" at the 80th Geneva International Motor Show.

The Tata Nano Electric Vehicle -- or Tata Nano EV -- will seat four and is expected to have a range of up to 160 kilometers (or 100 miles) and an acceleration of 0 to 60 kilometers per hour (0 to 37 miles per hour ) in under 10 seconds. The vehicle will run on lithium ion batteries.

"Electrification will be an integral part of our initiative to launch environment-friendly vehicles," Tata Motors Vice Chairman Ravi Kant said.

The company hasn't specified when the electric Nano will be coming to the U.S. and Europe. Its predecessor, the Nano, has been dubbed the world's cheapest car at a price of around $2,500.

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