Japanese electric vehicle maker Terra Motors Corporation is working on a slew of products, including a three-wheeler and two-wheeler, which it plans to launch in India over the next two years, reported Moneycontrol.
The company, which has already invested around USD 5 million in the country, has lined up further investment of around USD 5 million for product development and capacity expansion.
“We started business in India in 2014-end and now we are aiming to become number one electric vehicle manufacturer in the country,” Terra Motors MD Akihiro Ueda told PTI. The company, which has sold around 12,000 e-rickshaws in the country since 2014-end, is now focusing to expand its product portfolio in the country.
The company plans to invest around USD 5 million – 1.5 million to 2 million this year alone on R&D this year besides USD 3 million extra for putting up new assembly lines for e-three-wheeler, he added.
“We see India as biggest opportunity. We (headquarters) have raised a total of USD 10 million and it is our intention that at least half of it should be invested in India over the next two years,” Ueda said.
The company, currently, imports parts from China and then assemble the units at its three plants in India. Commenting on sales target for the year, Ueda said to PTI that the company aims to sell 12,000 e-rickshaws this year. It also plans to double its sales network to 150 by end of this year.
