Rumor is that Toyota has a new $5,000 car up its sleeve especially to be released on the emerging markets.

Even if it’s hard to compete with the $2,000 Nano, the Japanese car manufacturer promises that this new car will win the battle. A journalist from Asahi wrote that Toyota will work with Daihatsu for this project and that they will use the new plant from Bangalore, India that will be opened in 2010. Unfortunately this means that the production for this car will start sometimes around 2015.

Considering that the Renault-Nissan group is already setting an agreement with Bajaj Auto, India for a $2,500 car in 2011, I think that Toyota should speed the things up a little bit and change that 2015 time limit.