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.
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
Terra Motors Corporation
Brown & Company PLC