Toyota plans to come up with a ultra low cost car possibly below the already planned Indian specific low cost car being built under the codename EFC. Following Tata, Hyundai and Renault Nissan, Toyota is looking at India for building the ultra cheap car. According to Asahi NewsPaper, Toyota aims at selling the car for $5000 (Rs2,50,000) by 2015.Toyota already said that the EFC would cost around $8000 (Rs4lakh) and if this new ultra low cost car i produced Toyota would have better chance of capturing higher market share in the cost conscious Indian market. The car will be sold under a new brand, the fourth for the automaker after Toyota, Lexus and Scion, according to the Asahi newspaper. Toyota wants to manufacture the car in India and could export the model to Brazil, the newspaper said.