Our friends at Motoroids can't cease publishing spy shots and videos of hot upcoming automobiles. In their latest update they've captured a video of the Penguin pickup truck formed on the Magic Iris passenger carrier. They've also managed pictures of the Magic Iris spied somewhere in Pune.
An interesting bit of news is Penguin could be powered by the same 624cc petrol engine used on the Nano. This contradicts Overdrive's theory of a single cylinder 350cc diesel engine (essentially a single cylinder version of the Ace's engine).
We don't know which one to believe. We'll wait for more concrete information before speculating further.