Falak Motors set to launch ‘Made in UAE’ electric vehicles

Falak Motors set to launch ‘Made in UAE’ electric vehicles

The DIFC-based company is planning to raise $10 million on an exclusive equity finance engagement to develop Falak Motors in the UAE.

Hideki Tamaki, founder, Falak Motors. — Supplied photo

Published: Fri 9 Sep 2022, 7:28 PM Last updated: Fri 9 Sep 2022, 7:30 PM

Falak Motors will be the first "Made in UAE" automotive brand assembling luxury electric vehicles (EVs) with parts, chassis, motors, and batteries imported from Japan, Taiwan, China, and the EU, said Hideki Tamaki, founder, Falak Motors.

The brand has exclusive partnerships with over 25 advanced engineering firms to manufacture EVs, including buses, trucks, taxis, delivery bikes, and economical and luxury vehicles.

The Dubai International Financial Centre-based company is planning to raise $10 million on an exclusive equity finance engagement to develop Falak Motors in the UAE.

“Our conservative 5-year growth forecast, illustrated in Falak's investment memorandum, depicts an accumulated EBITDA of $96.3 million at the end of the 24-month period ending September 2024,” said Tamaki.

“Further, during this time, the region sees COP 28 UAE, which will ensure added growth, as well as two IPO scenarios to enhance the value of equity. Falak Motors will schedule to publically list on a local exchange in the UAE during the third year from inception