Terra Motors, a Japanese electric vehicle manufacturer has announced that it received $10 million (Rs 59 crore) from foreign investors. This investment will be used to finance its expansion plans in Asian markets, including India.
Terra Motors will develop new electric vehicles and also produce them in India. These products will be sold here and at the same time it will be exported to various international markets like South Asia, Middle East and Africa. This makes Terra Motors the first electric company in India to manufacture and export at the same time.
The company had launched the Kiwami, India’s first electric superbike, just before the 2014 Auto Expo at Rs 18 lakh. This eco-friendly superbike leaves no carbon footprint and has a top speed of 160kmph. It requires 6 hours for full charge to go 200 plus kilometres.
"This capital will be invested also for development in India. Terra will export EV from India to the other South Asia, Middle East and African. The development and production in India will be hub for the global market. By these actions, they plan to achieve 100,000 unit sales in Asian market by 2015,” said Toru Tokushige, CEO, Terra Motors.
