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The Tata Nano was heralded as the World's Cheapest Car when it chugged onto the automotive scene in 2009. Meant to be India's Volkswagen Beetle, BMC Mini or Ford Model T, the Nano, while accounting for 25-percent of Tata Motors' sales volume in fiscal year 2012, still saw its sales drop 27 percent over the same period.

When India's Tata introduced the Nano in 2009 at about $2,500, it was a hot-seller. It was expected to set the world on fire with demand for cheap wheels. In fact, a year after its rollout, the Nano almost did set the world on fire after at least three units burned to a crisp. Sales plummeted to a record low of 509 in November, 2010.

When India's Tata introduced the Nano in 2009 at about $2,500, it was a hot seller. It was expected to set the world on fire with demand for cheap wheels. In fact, a year after its rollout, the Nano almost did set the world on fire after at least three units burned to a crisp. Sales plummeted to a record low of 509 in November, 2010.