If rumors coming out of China come to fruition, Tata could soon have competition for the title ?World?s Cheapest Car.?? The Chinese automaker Geely, who made the news a few weeks ago when it signed an agreement to purchase Volvo from Ford, has announced it plans to build a car with a $2,250 price tag.? There seems to be a pattern developing here — Tata announced they were building the Nano, currently world?s cheapest car, shortly after buying Land Rover and Jaguar from Ford.

The Geely IG concept, first shown at the Beijing auto show earlier this year, is expected to be ready for Chinese streets in 2012, and then into other countries later.? We assume this means developing countries initially.

The IG concept has some innovative features like one-sided gull-wing doors and solar panels mounted on the hood and roof with the power used to power the air conditioner

The engine is a 1.0-liter three-cylinder with a variable valve system, but a company press release says different power systems would be available based on the customer?s requirements, much like the different size memory cards are used in digital cameras to fit the needs of the owner. ?The power system is also equipped with GSG (Geely Stop and Go), which automatically stops the engine at traffic signals and other times when power is not needed.? Like the light hybrids currently sold in the U.S, the GSG starts when the throttle is depressed.

If the Geely IG can deliver on the concept promises and price, this could be an interesting car to watch in the next few years.