Bookings for the world's cheapest car Tata Nano failed to live upto the hype of half a decade, logging 2.03 lakh bookings from 6.1 lakh forms sold in the fortnight during which the bookings were open.
A majority of 70 per cent of the bookings were financed and the remaining were paid by cash, adding Rs 2,500 crore to Tata's coffers. Interestingly, only 20 per cent of the bookings are for the cheapest variant, the standard Nano, while 30 per cent were for Nano CX and the remaining for the top end variant.
About 4,000 cash bookings were made online through www.tatanano.com.
Though the numbers are healthy in isolation, and way more than the 50,000-60,000 units of the car that Tata would be able to produce this year, they do not measure up to the hyperbole that had surrounded the car since it was showcased in the Auto Expo last year.
The number of bookings also do not make Nano the best-selling car in the country yet: the Maruti Alto, which is priced almost twice as much as the Nano, sells an average of 2.4 lakh units per annum.
The first 100,000 allottees from among the applicants will be chosen through a computerised random selection procedure, and the announcement will be made before June-end. The first deliveries of the car would commence in July, and are expected to be completed in the last quarter of 2010.