The car was launched in the market in March 2009 with an initial price of close to Rs 1 lakh for the basic model despite cost escalations, with Ratan Tata insisting that "a promise is a promise".
However, from the beginning, Nano courted trouble. It was originally planned to be rolled out from Tata Motors' proposed plant at Singur in West Bengal, where it faced intense political and farmer protests against land acquisition.
The company had to shift its production to a new plant at Sanand in Gujarat. Instances of the car catching fire initially after it was launched didn't help its cause either.
Ratan Tata had admitted that the company made the mistake of promoting the Nano as 'the cheapest car'.
It become a loss-making model for Tata Motors with ex-Tata Sons chairman Mistry, who was abruptly removed from the post, even went on to claim that the Nano "consistently lost value, peaking at Rs 1,000 crore".
Mistry also termed the Nano as one of the "legacy hotspots" and there was "no line of sight to profitability for the Nano, any turnaround strategy". He had also claimed that Tata Motors did not stop producing the car due to "emotional reasons".
The car was launched in the market in March 2009 with an initial price of close to Rs 1 lakh for the basic model despite cost escalations, with Ratan Tata insisting that "a promise is a promise".
However, from the beginning, Nano courted trouble. It was originally planned to be rolled out from Tata Motors' proposed plant at Singur in West Bengal, where it faced intense political and farmer protests against land acquisition.
The company had to shift its production to a new plant at Sanand in Gujarat. Instances of the car catching fire initially after it was launched didn't help its cause either.
Ratan Tata had admitted that the company made the mistake of promoting the Nano as 'the cheapest car'.
It become a loss-making model for Tata Motors with ex-Tata Sons chairman Mistry, who was abruptly removed from the post, even went on to claim that the Nano "consistently lost value, peaking at Rs 1,000 crore".
Mistry also termed the Nano as one of the "legacy hotspots" and there was "no line of sight to profitability for the Nano, any turnaround strategy". He had also claimed that Tata Motors did not stop producing the car due to "emotional reasons".