Why is Nano not selling?

This question has been bogging me ever since I read the news that they have been able to sell only 500 odd Nanos for the month of November. This is a figure which has surprised many, including me given the fact that Nano is the cheapest car in the world. Nano had in fact brought India and the Indian automobile industry into highlight as no other event had dine earlier, there were worries that Indian roads will soon be full of Nanos and the already congested road infrastructure would fall apart . I myself has written a post earlier in how Nano is perhaps a car for the BOP consumer..

I tried speaking to a few others to understand the possible reasons for the low sales, I will just briefly list the possible reasons ,

Price on road is much higher than the initially 1 lakh tag and many consumer feel that they can always upgrade to a Alto by stretching a bit more.
Not being seen as a car , because of it's looks and the fact that it cannot be driven beyond a certain speed..
The fire incidents have only added to the perception of quality and safely issue with the car.
Inadequate credit facility to push the sales of the car, especially to be upgrade the two-wheeler owner to upgrade (he is the target consumer)
Maybe the car buyer in India has upgraded, they don’t want to buy a low-priced car and would want to start with the next level of cars.
The issue of low-price itself could be the one which is hampering the sales, as a car is seen as a status symbol and a low-priced car defeats that basic purpose of owning a car.
Even the issue of delayed deliveries may have added to the problems and many consumer have felt disheartened by the long waiting periods initially..

I might have left out some more reasons, but still find it very difficult to come to terms with the fact that in country of our size a product like Nano could not find more than 500 buyers, I think there is bound to be some thing is not getting covered, and perhaps in the coming days we will be able to understand the issue better...

Even Carl-Peter Forster, managing director and CEO, Tata Motors said “These are new ways of marketing the Nano. To be frank, we are learning as we do. We market a passenger car to customers that are either never there to dream of a passenger car or they couldn’t afford a passenger car. It’s a very different way of marketing. It means new channels for the dealers.”