“Terra Motors Philippines Corp. is applying for registration with the Board of Investments as a new producer of electric vehicles on a pioneer status with a capacity of 2,500 units per year."
Terra Motors E Trike
Reports Business World Online.
The mostly unknown Terra Motors is a Japanese manufacturer of low-speeed EVs.
Terra was founded in 2010. Since becoming an EV manufacturer, Terra Motors has carved out a niche and is now Japan's leading producer of electric two/three wheelers.
Terra Motors heads its operation in Japan, though the manufacturer does have a facility in Vietnam and in the Philippines.
"If the firm’s application will be approved, it will enjoy a six-year income tax holiday; duty-free importation of capital equipment to be used for the project covered; permit to employ foreign nationals in supervisory, technical or advisory positions for five years from date of registration; and simplification of customs procedures for importation of equipment and raw materials."
Says Business World Online.
For Terra Motors, getting approved as a "new producer of electric vehicles on a pioneer status with a capacity of 2,500 units per year" basically cements in place the company's dominance in Asia's growing market for two/three wheel low-speed EVs.
The fact that Terra Motors is headquartered in Japan is what's so unusual here. Most of Asia's leading two/three wheel EV producers come from China.
Terra Motors is looking to invest "roughly $3 million to build a factory in the Philippines to produce electric motorcycles and tricycles for both domestic and foreign markets," reports Business World Online.
80% of the world's e-scooter, e-trike and electric motorcycles are sold in the Asia Pacific region. The goal of Terra Motors is to capture a majority of that market.
Source: Business World Online