Ratan Tata, the man behind the very small car the Tata Nano, showcased the European version concept car called Nano Europa at the Geneva Motors Show last week. Although the cost of the Nano Europa will go up, Ratan says, "Our aim would still be to have a fantastically, effectively priced car, lower than anything else in the market which will do everything in terms of specs that one would expect out of Europe."
The European version is definitely more expensive than the Indian model as it comes fitted with a 3-cylinder multi point fuel injection engine and a 5-speed automatic transmission and electric power steering. The engine will address all the concerns about Tata's green credentials, as it will be Euro V compliant and have emissions under the 100 g/km of CO2 mark. The Nano Europa also has twin airbags, leather seats, a stereo system, and much higher quality interior plastics.
"We hope to launch the Nano Europa in 2010-11," Tata said at a packed news conference at the show.
Many people in India had been skeptical of Ratan Tata when he promised to bring a less than $2000 car for the Indian market, which was half the price of the existing cheapest car, the Maruti 800! But that promise was fulfilled to global acclaim. And now the first units of the Tata Nano will roll out later this month; shares of Tata Motors have gone up 11% on the news that the company has tied up with banks to finance the purchase of the car.
The banks are State Bank of Travancore, State Bank of Mysore, State Bank of Patiala, Bank of India and Union Bank of India. The bankers feel that the car is going to open up huge markets for them as it will mainly target people who have never owned a car before. Since initially only 3,000 units of Tata Nano would be rolled out per month the demand for the cars, and consequently competition for securing car loans, is very high.
Ratan Tata reveals that an American version of the Nano remains a possibility. "We have been looking at the US," he said, adding that prototypes are under development.
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