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Japan EV Maker Raises Funds to Expand Exports
GLM Inc., a Kyoto-based custom carmaker, has raised 1.7 billion yen ($14 million) to expand sales of an all-electric sports car it has developed, Bloomberg News reports.
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GLM Inc., a Kyoto-based custom carmaker, has raised 1.7 billion yen ($14 million) to expand sales of an all-electric sports car it has developed, Bloomberg News reports.
The five-year-old company began selling its 8 million-yen ($66,800) Tommykaira ZZ two-seater in Japan a year ago. GLM says it will use the new funding to promote an updated version of the electric car and export left-hand-drive variants to Asia, Europe and the Middle East.
Sources tell Bloomberg at least 24 investors, including Saudi Arabia's Riyadh Valley Co. and the University of Tokyo Edge Capital Co., were part of the latest round of funding. GLM says it raised 400 million yen ($3 million) in 2013 from a first round of funding.
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