Sales of the world’s cheapest car, the Tata Nano, plunged 85 percent in November 2009 to 509 units. That is lowest figure since the Nano made its debut last year. The drop in sales comes as customers face difficulty in accessing loans to purchase vehicles.
In an e-mail response to Bloomberg, Tata Motors said that it is hiring more sales people at dealerships and is working with banks to help buyers get loans.
Just last month, Tata’s CEO Carl-Peter Forster said that a lack of financing options available to buyers was causing a decrease in Nano sales. Banks in india are hesitant to lend money to low-income customers due to concerns that they may default.
– By: Omar Rana