Tata Motors is ready to launch the world’s cheapest car in India. As the deadline draws near, nearly everyone is keeping a close watch on the final consumer reaction. Tata Motors has tied up nearly with every State Bank to provide financing schemes for the Nano.
According to one of the bank officials, the booking figures for Nano are expected to reach nearly 5 lakh. This seems quite a realistic figure for Indian auto market which witnesses sale of nearly 6 lakh two-wheelers and 1.2 lakh passenger cars each month.
The company is expected to charge Rs. 70,000 as the initial booking amount for the car and the application form will also cost Rs. 500. The company will take 8 weeks to decide upon the first few lucky owners of Nano through a computerized lottery system that will generate random names out of all the applicants.
According to the close sources, the company has the capacity to roll out only 60000 to 70000 units in the first year. All other will have to wait till the Sanand manufacturing facility in Gujarat becomes operational next year. “The company will take a sizeable booking amount as it wants genuine customers. A smaller booking amount would see customers making more than one booking,” said a senior company official.
Moreover, the Pantnagar facility will roll out more upmarket models than the base models priced at Rs. 1 lakh.