Tata Motors said it will launch its ultra-cheap Nano car in Mumbai today.

But few predict the Nano will be able to turn around the company. Tata Motors declared a loss of $64 million for the third quarter, and has been struggling to refinance $2.5 billion of a $3.7 billion loan it took to buy the Jaguar and Land Rover brands from Ford Motor Co. in June.

The Nano, priced at 100,000 rupees (about $2,450), is a stripped-down car for stripped-down times: It has one windshield wiper, a 623cc rear engine, and if you want air conditioning or a radio you’ll have to pay extra.