Tokyo, Terra Motors Corporation, Japan’s top electric two and three wheeler developer and manufacturer recently entered into an exclusive partnership with Sri Lanka’s Brown & Company PLC – one of the country’s oldest diversified conglomerates, currently operating in seven key industry sectors. This exclusive deal will lead the way for Brown & Company PLC to sell Terra Motor’s electric products in Sri Lanka.

Toru Tokushige, CEO of Terra Motors said,  “There are lots of advantages to use electric vehicles in Sri Lanka, which is eco-friendly and tourism oriented island country. We would like to contribute to create sustainable society in Sri Lanka, by promoting hi-quality electric vehicles with the excellent partner, Browns.”

Browns have once again pioneered the introduction of new technology to the market.

 “Browns have once again pioneered the introduction of new technology to the market. Through this partnership, we will not only introduce a cost-effective mode of transport into the industry, but also a pollution-free vehicle. We are quite excited to work together with Terra Motors on this initiative, and look forward to the launch,” said [INSERT NAME, DESIGNATION], Brown & Company PLC.

Electric Vehicles (EVs) have been generating a lot of buzz in the global auto industry. EVs are also gaining momentum in Sri Lanka, with a number of battery-charging stations scheduled to be opened around the country as well. Statistics reported by the Department of Motor Traffic also indicate a rise in the number of registrations of EVs.

There are the three following background in it and roughly divides into this Sri Lanka market advance:

1.       The difference in customs duty between gasoline and EV automobiles

There is a considerable difference between electric and gasoline three-wheelers in terms of duty tariff in Sri Lanka. This is a direct encouragement provided by customs to promote EV vehicles in order to reduce the carbon emission and noise pollution. This has given the EV vehicle importers an opportunity to retail vehicles at cheaper prices than existing gasoline vehicles which can be a huge boost to popularize the EV vehicles in the country. (Source – Prevailing tariff rates published by Sri Lanka Customs, 31st August 2014)

2.       Raising cost of gasoline prices

The current gasoline prices in the region has risen to highest world over despite the stable crude oil prices in the world market. ( Source energy-pedia ) In Sri Lanka too it has risen three fold with in a span of 10 years and indication are so that it will have a further climb. (Central Bank of Sri Lanka). Recent studies show that expenditure on gasoline accounts to around 30% of an average household income in the country. German Technical Assistance Agency (2010), World Bank(2010). Usage of Electric vehicles will have a significant reduction on the spending on gasoline providing the masses a relief in managing their cost of living.

 share of petrol costs

Figure: Share of Petrol cost in monthly income Source : German Technical Assistance Agency (2010), World Bank(2010)

 Terra Motors will continue to expand business all over the world to achieve our vision “Leading innovations with Electric Vehicles in creating clean & sustainable society”.

 

About Terra Motors Corporation

Terra Motors Corporation is an electric two & three wheeler developer, manufacturer and retailer in Japan. Its mission is to devise leading innovations in electric vehicles (EV) in order to create a clean and sustainable society.

The company was established in 2010 and occupies the number one market share in Japan. It is headquartered in Shibuya, Tokyo, and it has overseas affiliate firms in Vietnam and in the Philippines.

Investors include Mr. Nobuyuki Idei (former President of Sony Corporation), Mr. Koichiro Tsujino (former President of Google Japan) and Mr. Kenji Yamamoto (former President of Apple Japan and former Vice-President of Sales at Apple Inc. in the USA).

For more information, please visit http://www.terra-motors.com/

About BROWN & COMPANY PLC

 

Brown & Company PLC is a diversified conglomerate with operations in seven key industry sectors. Over 135 years in business has given Browns a deep understanding of the Sri Lankan consumer, enabling it to deliver top quality products and services.

A household name, across the island, Browns has a depth, diversity and strength in operations whilst working with several leading global brands.

Browns has grown exponentially into the active, sophisticated and valuable company it is today –gradually and unobtrusively, greatly expanding its portfolio and delivering excellence in products, services and value.

For more information, log onto: www.brownsgroup.com

For inquiries:

Terra Motors Corporation

PR Manager             Tetsuya Ohashi
TEL                          +81(0)3-6674-9558/ +81(0)90-6166-4801(mobile)
E-mail                       [email protected]
Website                   http://www.terra-motors.com/

For inquiries:

Brown & Company PLC

PR & Communications Manager        Nuzreth Jalaldeen
Tel                                                            +94712071757
E-mail                                                      [email protected]
Website                                                   www.brownsgroup.com

Contributor

Recently Published

Key Takeaway: Plant-based meat substitutes and lab-grown meat are gaining popularity due to environmental sustainability and healthier eating habits. Plant-based alternatives aim to recreate meat’s sensory and nutritional properties using plant ingredients. They rely on non-animal proteins, water, fats, and additives like flavor enhancers and binders. The texture of plant-based meats is a meticulous process, […]

Top Picks

Key Takeaway: Volkswagen, once a symbol of German industry and co-management between shareholders and unions, is facing a crisis due to strategic missteps, a convoluted governance structure, and a culture that often prioritizes control over innovation. The company’s journey began in 1937 with the Beetle, which became the world’s largest carmaker in the 1980s and […]
Key Takeaway: The Moon’s silent pull shapes life on Earth in various ways, from orchestrating mass spawning events in coral reefs to guiding predators and prey’s nightly routines. For millennia, creatures have lived in tune with its phases, responding to its light and gravitational sway. The Moon’s influence extends beyond oceans, as its reflected light […]
Key Takeaway: Elon Musk’s social media platform, X, has become a dominant force in U.S. presidential politics, capturing unprecedented engagement and becoming a megaphone for President Trump’s campaign. Musk’s vision for transforming X into an “everything app” akin to China’s WeChat has been unveiled, with his net worth reaching $300 billion. However, challenges such as […]
Key Takeaway: The origins of commercial gambling can be traced back to the mid-1600s when mathematical probability emerged. In 1713, mathematician brothers Johann and Jacob Bernoulli introduced the “Golden Theorem,” later known as the law of large numbers, or long averages. This led to a “probability revolution” in gambling, transforming the industry in Britain and […]

Trending

I highly recommend reading the McKinsey Global Institute’s new report, “Reskilling China: Transforming The World’s Largest Workforce Into Lifelong Learners”, which focuses on the country’s biggest employment challenge, re-training its workforce and the adoption of practices such as lifelong learning to address the growing digital transformation of its productive fabric. How to transform the country […]

Join our Newsletter

Get our monthly recap with the latest news, articles and resources.

Login

Welcome to Empirics

We are glad you have decided to join our mission of gathering the collective knowledge of Asia!
Join Empirics