Terra Motors aims for 5-8% market share in L5 electric segment by 2025

Japan’s Terra Motor Corporation, through its subsidiary Terra Motors, is aiming for a 5-8% market share in India’s burgeoning L5 electric passenger three-wheeler segment, a top company official told Business Today. The company on Tuesday unveiled Kyoro Plus in the L5 segment.
 
“With the launch of Kyoro Plus, we are aiming for 5-8% market share in 2025,” Go Suzuki, Managing Director of Terra Motors India, told Business Today. The Japanese automaker, which has a presence in India’s growing charging infrastructure as well as the L3 (cargo) segment, is aiming to roll out 5,000 units per month.
 
Notably, L5 is one of the fastest-growing segments in the electric three-wheeler market. The L5 electric three-wheeler segment is 1.5 lakh to 1.6 lakh units at present. 
 
“We have many points to compete. For example, impressive our range or mark speed, however, what I can say is our unique point is finance in such a situation, we can provide customers financing with a sell-down payment. Of course, you know other companies; sometimes they are providing old finance…. Competition is also selling electric autos and CNG in L5, which means that maybe cannibalisation occurs. However, what we can do is just focus on electric autos. So that's why our strategy is aggressive and much different from other competitors,” says Suzuki.
 
According to Toru Tokushige, Founder & CEO of Terra Motors, traditional companies such as Bajaj Auto and TVS Motor enjoy the profit coming from CNG framework. “But it is very difficult for them to push electric L5 three-wheelers in this market aggressively. So, we should become a leader to promote this new industry, that is electric vehicles,” says Tokushige.
 
The company already has a presence in L3 (electric cargo three-wheeler segment) and has sold close to 100,000 units in the East region of India.
 
Going ahead, the company plans to open 100 dealerships and install 1,000 charge points by 2026.