SAN FRANCISCO -- Tata Motors Ltd. shares rallied 15% Thursday on a report the Indian company's Nano minicar is seeing a surge in interest on its first day for bookings in its home market.
Tata's U.S.-listed stock pulled back from its highs but closed up $1.00 at $7.64 in New York. The shares have rallied almost 72% since the beginning of the year.
The company has sold more than 51,000 order forms for the world's cheapest car, according to the Economic Times. The Nano, priced starting at less than $2,500, is slated to be delivered in July in phases to the first 100,000 customers chosen by lottery.
The Nano's launch was originally slated for the fourth quarter of 2008 but was pushed back after the company was forced to abandon a manufacturing site in West Bengal due to violent protests from farmer groups and a political party.
Tata on Wednesday stated "categorically" there are no current production problems to stand in the way of the car reaching its delivery goal this summer.
Tata in the past month has partnered with 19 banks that will fund purchases at competitive rates and ensure that any sales shortfall won't be because of a lack of available financing.
The credit crisis in the U.S. has made it difficult for customers to qualify for loans, pressuring an already fragile U.S. auto industry that could see the bankruptcy of General Motors Corp.
The Nano's arrival comes at a difficult time for Tata, India's biggest carmaker, with demand for its trucks and utility vehicles at home, and for the Jaguar-Land Rover division globally, falling hard in the face of the historic industry downturn.Tata swung to an unexpected loss in quarter ended Dec. 31, and it's not looking much better this quarter, given that sales dropped 26% in the first two months of the year.Tata, which bought Jaguar and Land Rover from Ford Motor Co.
last year, is planning to export the Nano to Europe and the United States, with a much higher price tag, over the next few years.Shawn Langlois is a reporter for MarketWatch in San Francisco.
Source: marketwatch.com
Showing posts with label nano bookings. Show all posts
Showing posts with label nano bookings. Show all posts
Tata Motors' special scheme for Nano
Tata Motors Finance (TMF), the financing arm of Tata Motors, today announced the launch of an attractive scheme for booking the much awaited ‘People’s Car – The Nano’
Salient feautures of the scheme include no upper limit on the number of cars to be booked through TMF, once the customers have submitted the forms a booking amount would be made to Tata Motors on behalf of the customers, applicants who have been allotted the car do not loose any amount except cost of the booking form and initial payments.
The scheme would be offered to partnership firms, private and public limited companies, trusts and HUF.
To facilitate the booking process, multiple touch-points have been created all over the country. As part of the arrangement, TMF will be assisted by Tata Capital Limited, E-nxt Limited, Tata Motor dealers, Tata Securities outlets and all channel partners – DSAs & Vendors to ensure wider distribution. The booking scheme offered by TMF will enable a customer to book the Nano by paying an amount starting Rs 3,199/- only for the base model.
Announcing the scheme Shyam Mani, managing director of Tata Motors Finance said: “It is our constant endeavor to provide the best of services to our customers. Keeping customer convenience in mind, we have designed this convenient one-stop scheme for booking the much awaited Nano. Our wide distribution network will ensure that discerning customers from all parts of the country will be able to participate in the booking process.”
Sale of application forms commenced on April 1, 2009 and acceptance of booking have started from today till 25 April, 2009.
The application forms would be available at price of Rs 300, with a range of offers from select associate Tata Group companies.
The application forms would be available at over 30,000 locations in about 1,000 cities through Tata Motors Passenger Car dealerships, State Bank of India and its branches, its subsidiaries and associates, other preferred financiers, and outlets of Westside, Croma, ‘World of Titan’ and Tata Indicom exclusive stores along with Tata Motors Finance now.
Salient feautures of the scheme include no upper limit on the number of cars to be booked through TMF, once the customers have submitted the forms a booking amount would be made to Tata Motors on behalf of the customers, applicants who have been allotted the car do not loose any amount except cost of the booking form and initial payments.
The scheme would be offered to partnership firms, private and public limited companies, trusts and HUF.
To facilitate the booking process, multiple touch-points have been created all over the country. As part of the arrangement, TMF will be assisted by Tata Capital Limited, E-nxt Limited, Tata Motor dealers, Tata Securities outlets and all channel partners – DSAs & Vendors to ensure wider distribution. The booking scheme offered by TMF will enable a customer to book the Nano by paying an amount starting Rs 3,199/- only for the base model.
Announcing the scheme Shyam Mani, managing director of Tata Motors Finance said: “It is our constant endeavor to provide the best of services to our customers. Keeping customer convenience in mind, we have designed this convenient one-stop scheme for booking the much awaited Nano. Our wide distribution network will ensure that discerning customers from all parts of the country will be able to participate in the booking process.”
Sale of application forms commenced on April 1, 2009 and acceptance of booking have started from today till 25 April, 2009.
The application forms would be available at price of Rs 300, with a range of offers from select associate Tata Group companies.
The application forms would be available at over 30,000 locations in about 1,000 cities through Tata Motors Passenger Car dealerships, State Bank of India and its branches, its subsidiaries and associates, other preferred financiers, and outlets of Westside, Croma, ‘World of Titan’ and Tata Indicom exclusive stores along with Tata Motors Finance now.
Tata Motors Finance joins 'Nano' booking-loan bandwagon
Promising a 'one-stop shop' for Tata group's much-awaited small car Nano, Tata Motors Finance, a wholly owned subsidiary of the car maker, on Thursday joined the league of lenders providing loan for the booking amount of the people's car.
Bookings for the Rs 1-lakh car began on Thursday across the country and a several banks are providing prospective customers loans also for the booking amount, ranging from Rs 95,000 to Rs 1,40,000, depending on the car's model.
Tata Motors Finance said today that it is also offering 100 per cent loan amount for the booking at an interest rate of 12 per cent to 13 per cent with a three-year tenure. Asked what Tata Motors Finance would offer as additional benefits to the cust omers, as compared to other financiers, the company's Managing Director, Mr Shyam Mani told PTI from Mumbai over telephone that its offer was aimed at providing a convenient one-stop shop for booking of Nano.
Tata Motors Finance would not try to compete with the banks on interest rates, as their cost of funds might be lower and would rather focus on providing an overall convenience for the prospective Nano buyers, he said. Mr Mani said that the booking pr ocess has begun on a strong note and is expected to further pick up in the days to come. - PTI
Bookings for the Rs 1-lakh car began on Thursday across the country and a several banks are providing prospective customers loans also for the booking amount, ranging from Rs 95,000 to Rs 1,40,000, depending on the car's model.
Tata Motors Finance said today that it is also offering 100 per cent loan amount for the booking at an interest rate of 12 per cent to 13 per cent with a three-year tenure. Asked what Tata Motors Finance would offer as additional benefits to the cust omers, as compared to other financiers, the company's Managing Director, Mr Shyam Mani told PTI from Mumbai over telephone that its offer was aimed at providing a convenient one-stop shop for booking of Nano.
Tata Motors Finance would not try to compete with the banks on interest rates, as their cost of funds might be lower and would rather focus on providing an overall convenience for the prospective Nano buyers, he said. Mr Mani said that the booking pr ocess has begun on a strong note and is expected to further pick up in the days to come. - PTI
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