Terra Motors receives US$10 million to expand in Asia

Japan-based startup specialises in electric scooters and aims to hit 100,000 unit sales across the region by 2015

Image credit: Terra Motors

Image credit: Terra Motors

Terra Motors, the automobile company that specialises in electric vehicles with two and three wheels, like the fancy scooter above, has just secured a huge funding to help expand its business across Asia.

The Japanese company announced today that it has received a US$10 million round of financing, thanks to venture capital investors Fenox Venture Capital and Mizuho Capital, along with a few others. Terra Motors CEO Toru Tokushige said that the company hopes to obtain the cooperation of Asian business groups. “Generally speaking, electric vehicles tend to be thought of as a means of mobility in Europe and America. But with regard to electric two and three wheelers, their main market is Asia.”

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



Also Read: CEO Taku Harada doesn’t consider PeaTiX a ‘Japanese company’

The funds will expand its business in Asian countries; the company plans to open firms in India and Bangladesh this year. It will also open up shops in Indonesia, Taiwan, Thailand and other countries within a few years.

Terra Motors will also enhance production of its A4000i scooters and electric three-wheeler vehicles in its existing firms in Vietnam and the Philippines. Its current goal with this Asian master plan is to hit 100,000 unit sales in the market by 2015. Tokushige said that the company’s short-term goal is to take the lead in the Asian market, while its long-term goal is to create a company with a rapid growth that surpasses corporations like Samsung and Apple.

The A4000i is billed as the world’s first wireless and smartphone-connected e-scooters; users can transmit their driving information and even GPS trackers into the scooter through an iPhone. In addition, electric vehicles help users save money, since they don’t need to bear additional expense for gasoline.

The post Terra Motors receives US$10 million to expand in Asia appeared first on e27.

from e27 http://ift.tt/1gqseQb
via IFTTT This post first appeared on e27

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s