Terra Motor’s Secures over $10 Million For a Southeast Expansion.

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Terra Motor’s Secures over $10 Million For a Southeast Expansion.

Japanese startup electric vehicle maker, Terra Motors Corps, has recently announced they have successfully raised a total of $10 million in financial funding, in order to expand its business into the Southeast Asia, which include the Philippines, according to a released statement.

Investors.

This recent funding round was led by the Silicon Valley-based Fenox Venture Capital and Japanese Venture Capital Mizhuhou Capital Co. Ltd, It stated. Other investors included where Shinsei Bank Ltd., SMBC Venture Capital Co. Ltd., and Aizawa Securities Co. Ltd.— All of them are based in Tokyo.

“This capital will be invested also for increasing production capacity of Philippines factory… In near future, Terra will export EV from Philippines to the other Asian countries. Philippines production factory is a hub for Asian markets,” the company said.

Plans.

Terra Motors assembles its electric vehicles in Laguna through the use of local partners whose facility have a production capacity of up too 10,000 units per year.
Terra Motors has stated that it plants to expand towards India and Bangladesh within this year and to follow through with Indonesia, Taiwan, Thailand, and other Asian countries in the couple of coming years.
The company will also be enhancing its production of the A400i, the worlds first electric scooter with smartphone connection capability within Vietnam , and electric three wheeler in the Philippines, it plans to achieve over 100,000 units within the asian market by 2015.
“Generally speaking, EV tends to be considered as mobility for developed countries. However, when it comes to electric two wheelers and three wheelers, the main markets are Asian emerging countries,” Terra Motors Founder and Chief Executive Officer Toru Tokushige said in the statement.

“Hence, we concluded to expand more into Asian markets,” he added.

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Kevin C is passionate for tech world wide. He was apart of Qbox media and currently is apart of a UX firm based in Hong Kong.

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