Tata Motors fails to achieve one million booking of Nano car

Tata Motors has failed to achieve one million booking of Nano car. It must have come as a disappointment for the company. Nano, the company believed would open the floodgate of orders from millions of Indians living in semi urban and rural areas for whom owning a car was just a dream.

The company is trying hard to make sure it doesn’t disappoint its shareholders, with an almost Rs 1,00,000 booking amount for its People’s Car TATA Nano they haven’t got as many bookings as they would have expected. Now TATA Motors is giving more options in terms of loans and also advising its financial arm to not to be too strict on loans.

Also one more factor which has prevented bulk booking of the Nano is PAN card, TATA Motors has announced that Nano will be limited to one car per PAN number. And PAN card is mandatory while taking delivery of TATA Nano.

Many of the brokers who usually buy newly launched cars in bulk are also cautious about the delivery time which could make their money locked with TATA Motors for upto an year without any interest.

There are reports that say that Tata Motors sees 6-8 lakh bookings overall as against the initial expectation of over 10 lakh bookings. Analysts say the company will mop up over Rs 700 crore on bookings alone. Tata Motors, moreover, will also collect Rs 24 crore through the sale of more than 8 lakh forms.