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Tata Nano What Went Wrong

With the launch of Tata Nano in March 2009, it was evident that the Nano will be future of small cars in India. At a price of INR 1, 00,000 Tata presented Peoples Car with features like good fuel efficiency, rear positioned engine, eco-friendly, stylish look etc. The car received quick recognition from Indian families who could not afford a four wheeler earlier. By May, 2009 approximately 203,000 people had placed orders for a Nano. But in 2010, the sale of the car has seen a sequential fall. In July2010, Tata motors sold 9000 units of Nano, which fell to 8,103 units in August, 5,520 units in September and only 3,065 units in October. In November, which is a festival month and when it is considered auspicious to buy new and big ticket items, the sale of Nano came down to just 509 units, even when the overall sales for Indian auto sector rose by 45% in October 2010. This resulted in the Tata motors overall domestic sales in the passenger vehicle segment fell by 25% to 15,340 units from 20,706 units in the previous year. Even high segment cars like Mercedes sold more than 500 units in the festive month. The main reasons attributed to the consistent fall in the sales of Nano Cars are multiple fire incidents across India, increasing prices of the car and difficulty in obtaining the loan from the banks. Right from the launch of the Na, there have been various cases of Nano catching fire. The number of such incidents rose to six in August 2010. Experts are blaming it on faulty cabling system which results in short circuit and smoke. Besides the fire incidents, lack of financing options available for Nano customers is also causing a dip in the sales. Banks are not willing to lend to the low-income customers with a concern that they might default. As per the statistics nine out of ten buyers of Nano apply for loan. Also the rate of interest which banks are charging for Nano is around 20-22% as compared to 13-14% for other cars. Tata has also increased the price of Nano, after which it is no longer a 1 Lakh Rupee car. Earlier this year company in  BS IV emission norms and by Rs. 30,000 after few months due to increased input cost.