Terra Motors Raises $10 Million for Expansion into Asian EV Market
Terra Motors Corporation, Japan's top electric two and three wheeler developer, manufacturer, and retailer announced the completion of a $10 million round of financing for the expansion of its business into the Asian electric vehicle (EV) market. This round of financing was led by California-based venture capital investor Fenox Venture Capital, and major Japanese venture capital firm Mizuho Capital Co., Ltd, among others. It will enhance the production of "A4000i," the world's first electric scooter with smartphone connection capability in Vietnam, and electric three wheelers in the Philippines. Through these endeavors, it plans to achieve 100,000 unit sales in Asian markets by 2015.
Toru Tokushige, CEO and founder of Terra Motors said, â€œThrough this funding, we hope to obtain the cooperation of Asian business groups.â€ He also said, â€œGenerally speaking, electric vehicles tend to be thought of as a means of mobility in Europe and in America. But with regards to electric two & 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.â€
This fund will be utilized to expand its business in Asian countries, and to enhance production in Vietnam and in the Philippines. Terra Motors has its headquarters in Tokyo, Japan, and it has overseas affiliated firms in Vietnam and in the Philippines. This year, the company plans to expand to India, Bangladesh, and in few years, to Indonesia, Taiwan, Thailand and other Asian countries.
Mr. Tokushige added, â€œIn the electric automotive industry, Tesla Motors has a big presence. But if you look at the electric two and three wheeler industry, no company has a similar presence. So our short-term goal is to take the lead in the Asian market just as Tesla has positioned itself as a leader in the electric automotive industry. In addition, our long-term goal is to create a company with rapid growth, beyond the growth of Samsung and Apple.â€