Tata Motor Co Ltd on Tuesday announced that it had selected the first 100,000 owners of its much-touted Nano, the cheapest car in the world. At the same time, it said that 55,021 applicants for the Nano who missed out on the first batch had retained their bookings.
The company said it expects to complete delivery of the first lot Nanos by the last quarter of 2010, making it a long wait for even the lucky customers who were chosen through a random draw back in April. The company raised Rs50 crore from deposits on Nano bookings.
The 2,06,703 people who had booked the car were given the option to indicate whether they would like to retain their booking amounts with the company, even if they do not get selected among the first 100,000 'lucky winners', and await delivery of their cars.
Tata Motors will individually inform all applicants about their status, whether 'allottee' 'retainee' or an unsuccessful applicant.
The company added that all efforts would be made to deliver earlier by ramping up production at the already operational Pantnagar plant and the upcoming Sanand plant. The successful allottees will also be sent discount vouchers of group companies Titan and Westside. While Titan sells watches, Westside deals in clothing.
The company reconfirmed that the first 100,000 owners are price-protected, and will get their Tata Nano at the ex-showroom prices, announced at launch on 23 March. The retainees will benefit from an interest of 8.5 per cent on their booking amount if the car is delivered within two years from the date of allotment of 23 June and 8.75 per cent if the car is delivered after two years from the date of allotment. The interest will be paid directly to the retainees by the company.
Along with the confirmatory letter, Tata Motors is also making retainees a special offer on the Tata Indica range over and above any current scheme on these cars in the market.
''Tata Motors once again places on record its gratitude to the people of India for according such a warm welcome to the Tata Nano, as also to all its preferred financiers, dealers and partner companies for their stupendous effort in helping the company launch the Tata Nano,'' the company said in a statement.