REPORT: Tata threatening to nix Vista electric launch in UK
The Nano's bigger and all-electric cousin, the Tata Motors' Vista Indica, could be put on hold if the British government doesn't provide the Indian company with a £10 million loan. Unveiled late last year and kind of on display at the SAE World Congress this spring, the Vista EV is supposed to be the vanguard of Tata's electric movement in Europe. Instead, the vehicle's fate – at least in the UK – is now uncertain.
In April, Tata Motors said it wanted to apply for the loan in order to build the car in the UK. Last week, the government told the company that more time is needed before the government will even consider the loan. The Observer newspaper said Tata Motors "is furious" at the long wait time.
In January, the UK announced a £2.3 billion fund of loan guarantees and loans for helping car companies, but none of that money has been released yet. A government spokesman said the fund was, "about long-term investment projects, rather than short-term rescue." Thanks to Shrawan R. for the tip!
[Source: Times of India]
Reader Comments (Page 1 of 1)
Throwback 3:47PM (7/20/2009)
"The Nano's bigger and all-electric cousin, the Tata Motors' Vista Indica, could be put on hold if the British government doesn't provide the Indian company with a £10 million loan"
Perhaps the Brits decided their money would be better spent elsewhere. Build a good product and people will buy, or not. That is what free enterprise is all about.
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why not the LS2LS7? 4:13PM (7/20/2009)
The UK's debt is now bigger than their GDP. Sorry if they aren't quick enough to hand out money to you, Tata.
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Jon 4:51PM (7/20/2009)
How did we get to the situation where foreign governments are bailing out other countries' corporations? Has India given any money at all to Tata?
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Echelon 8:43AM (9/04/2009)
The loan is not bailing out the whole company...just the part focused on the UK. The whole point of this EV loan is to secure UK jobs. Thats why they are asking help from the UK government. Makes sense to me...