Terra Motors, a Japanese manufacturer of electric two and three wheel electric vehicles, has managed to raise $10 million so that it can expand its business into the Asian market. This round of financing was led by Silicon Valley based venture capital investor Fenox Venture Capital showing that even in the hottest technological spot in the US — and home of Tesla Motors — people see the need for non-car electric vehicles.
Toru Tokushige, CEO and founder of Terra Motors said, “Through this funding we hope 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 in America. But with regards 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.”
Terra Motors makes the A4000i, the world’s first electric scooter with smartphone connectivity. Terra Motors hopes to show off their scooter and its smartphone system at the International Motorcycle Exhibition in Milan this year.
The A4000i weighs 118kg, seats two people and its removable battery can be recharged in 4.5 hours. It has a top speed of 65km/h (45mph) and costs ¥450,000 (£2600, €3250, $4400).
While their scooters and three-wheeled vehicles may not be setting the US or Europe on fire, they are big business in Asia. Along with the Silicon Valley investor named above, they have had investment from Mr. Nobuyuki Idei (former President of Sony Corporation), Mr. Koichiro Tsujino (former President of Google Japan) and Mr. Kenji Yamamoto (former President of Apple Japan and former Vice-President of Sales at Apple Inc. in the USA) – Each and every one of these people know how to make a smart investment.
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