Tata Nano Sales Nose Dive After Buyers Prove To Be Uncreditworthy

Tata Motors Ltd.’s sales of Nano plunged 85 percent in November to 509 units, the lowest since the car’s debut last year, as customers faced difficulty in accessing loans to purchase the world’s cheapest car.

Tata Motors is hiring more sales people at dealerships and working with banks to help buyers get loans, the automaker said in an e-mail response to Bloomberg News today.

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Steve - 12/2/2010 3:26:19 PM

+4 Boost

I saw a program about this car. It sells for around $2K, an amazingly low price for a car. The target buyer is likely someone who has a scooter; you know, the photos you see on the 'Net of a guy, his wife, and 3 kids all on a scooter in some third-world country.

Just as a data point, the average household income in India is about $700, so this car costs 3 year's gross income. Imagine if the lowest-priced car available in the US was $150,000+.