Japan-based Terra Motors, an electric vehicle start-up company announced today that it has secured $10 million (Rs 67 crores) from foreign investors including Fenox Venture capital (US) and other Japanese bank affiliated venture capital investors to accelerate their global expansion.
Terra Motors, with a portfolio of electric two and three wheelers, is betting on its Make in India concept and new investment will be made to finance and accelerate its Asian market growth. Terra Motors is targeting to sell 12,000 e-rickshaws in India this year. During 2017-18, it sold 7,000 vehicles, a whopping ten-fold jump over the previous year.
Commenting on global expansion and associated funding, Terra Motors CEO, Toru Tokushige said, “We are focusing more on Asian Markets like India and Bangladesh, as gasoline is exorbitantly priced in these countries. Therefore, there is an upsurge in demand for 2 wheeler and 3 wheeler electric vehicles in Asia.”
Sharing some insights on product portfolio expansion, Akihiro Ueda, Managing Director of Terra Motors said, “We are trying to enhance the technology and the quality of the products by bringing quick charger and lithium battery. We are planning to achieve the number one position in the EV sector market share over the next one year”.
Terra Motors is one of the leading companies in terms of small commercial vehicle manufacturing, with a y-o-y growth rate of 180 percent in global business and 700 percent for their Indian portfolio for 2016-17. They have received funding $10M USD (Rs 67 crores) in 2014 from Fenox Venture capital (US), Mizuho Capital and SMBC venture capital.