Japanese two and three wheeler makers, Terra Motors will be investing $5,000,000 (INR 33.59 crores) in India. This increased investment will be directed towards development of new products, purchase of factory machinery and for added working capital. This investment is in addition to the $2 million already invested in India.
Terra Motors, operating from India, Vietnam, Bangladesh and Japan and exporting e-rickshaws to markets such as Africa, Nigeria, Nepal, and Bhutan sells the Y4 Alfa e-rickshaw in India priced at INR 1.30 lakhs.
The company current sells around 300 units per month with plans to extend sales to 1,000 units by 2017. Terra Y4 Alfa e-rickshaw is priced higher than others in its class primarily due to the higher quality battery pack which promises longer life. Plans are on the cards to bring down this price with mass production and increased localization, in excess of the current 80%, so as to compete in the market.
The battery pack on board Terra Y4 Alfa e-rickshaw offers a range of 100 kms on full charge. The e-rickshaw weighs a total of 380 kgs and accommodates 4 passengers in addition to the driver. Terra battery, produced in Bengaluru, is priced at INR 27,000 and comes in with 1 year warranty. The battery weighs 112 kgs and can be recharged in 7 hours. The battery pack has a life of 18 months which is more than regular batteries in its class which goes a long way in reducing operation costs for drivers.
Besides this e-rickshaw, Terra Motors also plans to introduce an electric load carrier vehicle, an electric scooter and e-motorcycle in India while dealerships in the country, which currently stand at 50, will be enhanced to 150 in due course.