Tata Nano finally goes on sale across India
At 6:46 p.m. Thursday, R. Sampathkumar signed a check for 3,809 rupees ($78) and ordered his first car: a Tata Nano.
Bookings for the ultracheap car, which retails for 100,000 rupees ($2,050) plus tax and transport fees, opened Thursday across India.
Sampathkumar, who is 30 years old and single, makes about 20,000 rupees a month ($410) as a goldsmith and says he wants a Nano for “status.”
“Automatically, women will come forward,” he said, grinning.
Dozens gathered Thursday to gawk at the silver Nano sitting on a red platform with pink satin skirting at the Tata dealership in Coimbatore, a mid-sized manufacturing hub in southern India. Two DJs blasted Backstreet Boys, Ricky Martin and Madonna songs, while college kids snapped photos of the snub-nosed car on their cell phones.
Despite the festivities, analysts say Nano sales won’t do much in the short term to help debt-strapped Tata Motors, which is facing falling sales and is in talks with banks to refinance a $2 billion loan it took out to buy Land Rover and Jaguar from Ford last year.
Originally posted on Yahoo Finance