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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters The Nano, world's cheapest car, to hit Indian roads Mon Mar 23, 2009 11:24am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Janaki Krishnan MUMBAI (Reuters) - The Nano, the world's cheapest car, will hit Indian roads in July, four months after its formal launch on Monday, and demand is expected to far outstrip supply as the price tag of around $2,000 draws legions of new buyers. Hundreds of thousands are set to queue up to book, including motorbike owners and people who have been using public transport. But launching six months behind schedule in a subdued market, with production in the first year severely constrained and the threat of further ratings downgrades hanging over the company, it will take over a year to deliver the first 100,000 cars. "We are at the gates offering a new form of transportation to the people of India, and later I hope other markets as well," Chairman Ratan Tata told a news conference. "From the drawing board to its commercial launch, the car has overcome several challenges. I hope it will provide safe, affordable four-wheel transportation to families who till now have not been able to own a car," he said. Since the Nano was first shown, the main production plant had to be moved following land protests, Tata Motors posted a first loss in seven years as sales slumped, its shares have dropped 70 percent and Tata Motors' credit rating was downgraded. The first 100,000 Nano owners will be randomly picked from bookings made from April 9 and 25, and their prices will be protected, said Tata, who had promised a 100,000 rupee ($1,980) dealer price at a glitzy unveiling more than a year ago. A European variant will be launched by 2011, and the company is also looking at the United States, as the current economic situation has made low-cost cars even more attractive, Tata said. "This was never conceived as the cheapest car, but as providing transport to those people who never owned a car." "Driven mainly by the change in demand that we see elsewhere in the world, we suddenly felt we had a product that could be of considerable interest as a low-cost product in western Europe, eastern Europe, the UK and even the U.S.," Tata said. STUPENDOUS RESPONSE The Nano can be booked at more than 30,000 locations in 1,000 cities across India, including Tata-owned department and electronics stores, with booking forms costing 300 rupees each. It can also be booked online (www.tatanano.com). Dealers expect bookings will need a down payment that Managing Director Ravi Kant said would be very close to the price. "We have had a stupendous response so far, breaking all class and other barriers," Kant said of the enquiries so far. Heavy bookings could help the firm battling falling sales of commercial vehicles, its mainstay, and help repay $2 billion of bridge loans due in June. The bridge loan was taken for the acquisition of the Jaguar and Land Rover brands last year. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Japan robot model no challenge yet to human rivals also on reuters Global recession stalls skyscraper construction AIG starts makeover, changes sign at NY office Video Video: FedEx cargo plane crashes in Japan More Technology News Nokia drops N73 model from gaming service plans Japan robot model no challenge yet to human rivals Metallica welcomes new "Guitar Hero" fans Skype targets corporate market: report Sony Ericsson warning stuns ailing mobile sector More Technology News... Video "Peoples' car" Nano launched Play Video More Video... 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