Japanese electric two- and three-wheeler maker Terra Motors has lined up an investment of Rs 45 crore for expanding its operations and setting a manufacturing plant by the end next fiscal year.
The company last month made a foray into the Indian market with the launch of Rs 18 lakh electric superbike.
It today unveiled two more products --e-scooter A4000i and , e-rickshaw T4 at the Auto Expo here. The products would be launched in the Indian market soon, the company said.
"We plan to set up a factory in India at an investment of Rs 150 million either at Hyderabad or Uttar Pradesh," Toru Tokushige, CEO & Founder, Terra Motors said, adding the company is yet to decide on the location of the facility.
He also said that they would invest Rs30 crore in the Indian market next fiscal year and we aim for the 10,000 units of sales for electric two wheelers by March 2015.
The company is selling its models in Delhi and Bangalore at present and will expand to other cities this year.
Talking about its commitment towards India, Tokushige said, "India is the second largest producer of two-wheelers in the world. Hence it is most important market for us."
Founded in 2010, Terra Motors Corporation is the major player in electric two and three wheelers in Japan. It also has branch offices in Vietnam and Philippines.
