Basically the Locost is a rear wheel drive, two seat roadster-style vehicle, utilising a TIG/MIG-welded tubular steel space frame, with fibre-glass and sheet metal body panels. The vehicle is powered by a Toyota 4A-GE 1600cc 4 cylinder engine, fitted with complete factory fuel injection engine management systems, and a Toyota T-50 5 speed gearbox. The rear axle is from a Cortina Mk2 and steering lower column and rack-and-pinion are supplied from a Ford Escort Mk2. Upper collapsable steering assembly is from a KE-35 Toyota Corolla.
The G.R.P. Body Panels and other items are supplied by Northshore Boats, 26 Sultan Way, Rous Head (North Fremantle, WA) Note: Northshore Boats may now be out of business (Jan 2000). GRP parts are being finished by Lucas Motors. Sheet Metal Body Panels will be computer cut my brother in law at a local sheet metal fabrication firm. The space frame and suspension arms will be welded by a Guru Welding, Cohn Street, Carlisle a commercial welding firm specialising in in auto and racing welding (the number of Racing Porsches that are always in being welded makes me wonder how much it is going to cost!).
Source:http://www.geocities.com/darren_ponton/Desc.html
Rob has a good website giving an overview of the building process of his LoCost car. It a real good one with detail pics on parts used in building his car. It is based on a "Locost" from Ron Champion's excellent book "How to build your own sports car for under 250.00"