Terra Motors planning big for India

Terra Motors, the Japanese manufacturer of electric scooters and tuk-tuks recieved a fund of Rs. 58.46 lakh from Mizuho Capital and few other foreign investors. The other parties that have also invested are US-based Fenox VC1, SMBC Venture Capital, Shinsei Bank and Aizawa Securities. The fund is to make Terra Motors achieve a target of 1,00,000 sales by 2015 from all over Asia.

In Vietnam and Philippiness, Terra Motors has set-up affiliated firms. In the beginning, production of Terra A4000i E-scooter will be improved in Vietnam plus sales of Electric three-wheeler will be emphasized. The company is also planning to step into the Indian and Bangladeshian market with other following Asian countries like Indonesia, Taiwan, Thailand. Terra Motors have already seen the market's reaction in India by launching its first Electric superbike- Kiwami with a price tag of Rs. 1.8 lakh.

“More than 30 million units of electric two-wheeler were sold in China in 2013, and hundreds of thousands of electric three-wheeler have already been sold in India and in Bangladesh because of the high price of gasoline. Therefore, we need to focus on Asian markets,” says Tokushige.

Terra Motors aims high as it plans to become the number one electric automotive manufacturer at least for two-wheeler and three-wheeler. Tokushige explains, “In addition, our long-term goal is to create a company with rapid growth, beyond the growth of Samsung and Apple.”

Source- Techinasia