Electric vehicle maker Terra Motors receives $10M investment

Japanese electric vehicle producer Terra Motors Corp. on Thursday announced it received $10 million from foreign investors to expand the capacity of its Laguna plant, making the Philippines the main source of EVs in Asia.

The funding was from California-based Fenox Venture Capital and Japanese firms Mizuho Capital Co. Ltd., Shinsei Bank Ltd., SMBC Benture Capital Co. Ltd., and Aizawa Securities Co. Ltd., the company said in a statement.

“By this fund raising, we got ready for partnering with Asian business groups,” Terra Motors chief executive officer Toru Tokushige as quoted as saying.

The proceeds will be used to grow the production of its factory in Calamba, Laguna.

“In near future, Terra will export EV from Philippines to the other Asian countries. Philippines’ production factory is a hub for Asian market,” Tokushige said.

“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,” he added.

In 2015, the company targets to export 100,000 EVs in Asian countries like India, Bangladesh, Indonesia, Taiwan and Thailand.

Terra Motors also has a presence in Vietnam. — Danessa O. Rivera/JDS, GMA News