Terra Motors achievements during the pandemic and its future goals and contributes to Make in India Mission
Financial Express (Express Drives), on 24th February, posted about Terra Motors achievements during the pandemic and its future goals.
According to the article, in 2020, Terra Motors has grown by 13 percent. “We have recorded our business growth to be around more than 13% and 25% gross profit in comparison with FY2019” shared Akihiro Ueda. He also claimed that they have successfully emerged with a silver lining where most of the companies considered the pandemic to be a dark phase. Terra manufactures both two-wheelers and commercial three-wheelers. Terra’s CEO spoke about his future goals and mentioned that his company is committed to achieve a Rs 500-crore turnover from the three-wheeler segment by FY23.
Terra has high expectations from the Indian market in which it aims to increase sales by 200 per cent this year. Thus, they will focus on dealer network expansion and easily available loan facilities. Express Drives also mentioned that the idea behind “Make in India” is to not only attract the customers but also to source materials from within the country. Consequently, they will source from local vendors and Terra will achieve 100 per cent localisation soon. To start with, Assam is one of the states that Terra is interested in investing in.
In BW Auto World, an article also mentioned that Terra Motors goal is to increase its sales volume by 200% from the previous year- 24,000 units (12,000 units sales forecast in FY2020). According to the article, EV adoption in India is real and has started to spread even more with time. Subsequently, the three-wheeler segment will be adopted quickly followed by two-wheelers, electric buses and then commercial cabs.
Source:「Terra Motors to adopt “Make in India” for its electric vehicles: To invest in this north-east state」
About Terra
Terra Motors is a global venture, which began in Japan, that aims to become a leader in sustainable e-mobility. “creating new industries and making society more convenient” is our fundamental vision. We have developed, manufactured, sold, and provided after-sale services for EV cars (electric two-wheeled and three-wheeled vehicles). We have the largest share of the electric three-wheeled vehicle market in India.
We are currently working to expand our geographic base beyond our Tokyo headquarters into three additional Asian countries. Our mission will continue to seek to contribute to the realization of a prosperous society by improving the livelihood of individuals in the e-mobility industry, particularly dealers, and, more specifically, by creating employment opportunities for low-income people around the world.