Tata Motors may launch its ambitious small car Nano, the cheapest car of world, on March 3, the day of birth anniversary of Tata Group founder, Jamsetji Tata.

Its first recipient may be a celebrity from business world, political class, film industry or social sector.

The booking for much awaited small car would start from the end of February, with an amount of around Rs 70,000. However, the official spokesperson of Tata Group declined to disclose any details and said, "We have not announced an official date or any marketing plans so far."

Tata Motor's payments to some vendors are getting delayed, showing the tough situations being faced by India's top bus and truck maker, under the impact of global slowdown.

Ravi Kant, the managing director of company, said, "Yes, there is a delay... there would be a delay. I'm telling you we are in a difficult situation... the whole industry are."

However, he declined to disclose the quantum of outstanding dues that may be more than 12 billion rupees ($245 million), according to reports published in media.

Hinduja Group owned automobile company, Ashok Leyland reported decline in sales in January due to slump in demand and high auto interest rates. The company sold 2,444 units of commercial vehicles in January 2009, registering decline of 73.17% as compared to sales figures of last year.
 

Tokyo

Seoul  - A Seoul court granted bankruptcy protection to Ssangyong Motor Co on Friday, giving the ailing South Korean automaker another chance to turn itself around.

The decision deprives majority stakeholder Shanghai Automotive Industry Corp of management control of the smallest of South Korea's five carmakers. The Chinese company will, however, keep its 51-per-cent share while Ssangyong is under court management.

Two court-appointed managers are to draw up a plan to save Ssangyong, which reported losses in the past four quarters after plunging sales.

Paris - Despite a drop of sales, French-Japanese carmaker Renault-Nissan was able to increase its share of the world car market in 2008, the company announced on Wednesday.

Renault and Nissan sold nearly 6.1 million cars last year, a drop of 1.1 per cent over 2007 but good enough to increase their combined share of the global car market to 9.4 per cent, up from 9.1 per cent.

The reason for the improvement is that global car sales fell by 5 per cent in 2008, Renault said.