I think I remember seeing this on Gilligan's Island. Could Renewable Bamboo Be As Strong As Carbon Fiber For Lightweight Cars?
As strong? No, I believe that basic chemistry points to carbon-carbon bonds as being the ultimate in strength. Affordable, cost effective, environmentally friendly? Those are separate issues. The best theoretically possible materials don't necessarily come with affordable or practical formulas for production. So there is plenty of room for 'lesser' materials to be superior in the marketplace.
I believe that part of the cockpit floor in a C6 Corvette is made with balsa wood. As long as the natural materials are sufficiently protected, they will provide sufficient life - well past the other components.
A local company, in I believe Costa Rica, is planning on offering a cheap kit car for the people of that country. Similar in size and intent as the Tata Nano. They supply the engine and all parts besides the frame. That is made locally out of balsa wood.