To end the financing woes of the customers, Japanese electric vehicle (EV) manufacturer Terra Motors has entered into the finance business to provide loans to its customers.
This move will enable customers to get loans on the purchase of EVs from the company itself. To get finance for EVs, especially the three-wheeler segment, is a tedious process as many banks have stringent loan processing rules. On the occasion of the 11th EV Expo, Akihiro Ueda, CEO and President, Terra Motors, announced the company’s own financing scheme - Terra Finance.
During the press conference, Ueda said the company’s goal should be to reduce carbon emissions and switch to clean energy sources. “We’re driving towards the same goal (as the GoI), by making EVs more accessible without finance partners and Terra Finance,” added Akihiro.
This financing scheme by the company aims to bring more services for the mobility sector and create an ecosystem for the brand to support the customers. Terra began its journey in India in 2016.
The company’s current line of products consists of four vehicles comprising of e3W; three are for the passenger market and one for the cargo market. The price of the e3W starts from INR 1.4 lakh. Currently, the company has around 250 dealers spread across 13 states in India.