Japanese electric two-wheeler and three-wheeler manufacturer Terra Motors is investing $5 million (Rs 31 crore) to build a factory in Haryana. The facility will have capacity to produce 30,000 units in the first year.
The investment comes even as the company is planning to launch its R6 e-rickshaw in India next month. While it hasn't finalised the price yet, Terra Motors said it could be close to Rs 1 lakh.
"We are studying the competition and will try to keep our price according to the market," said founder and Chief Executive Toru Tokushige.
The Terra R6 is powered by a 48V 100Ah battery unit which gives a range of 100 km on full charge. The average weight of the e-rickshaw is 278 kg out which 150 kg is of the battery. It can accommodate seven people with an average weight of 70 kg.
"In the first year, our plan is to target 30% of the market share of e-rickshaw," Tokushige said. "We have taken certification from ARAI (Automotive Research Association of India) for our R6 e-rickshaw and it is ready to ply on road". The current market size of e-rickshaw in India is one lakh units.
Terra Motors plans also to bring e-auto rickshaw to Indian market after a few months of the e-rickshaw launch. In the first year of operations, the company will hire around 20 more people in various functions of business. Its current headcount in India is 15.