PhUV allots P100M for e-vehicle production

MANILA, Philippines - Philippine Utility Vehicle Inc. (PhUV) plans to spend P100 million for the mass production of electric vehicles (EVs) in the country.

The firm intends to mass produce EVs such as e-jeepneys and e-trikes after securing incentives from the Board of Investments (BOI) on a pioneer status in the EV industry.

Among the BOI incentives the firm could enjoy are income tax holidays as well as duty-free importation of raw materials and capital equipment.

“Now that it is more economically feasible, we are allocating P100 million as we gear up for mass production of electric vehicles (EVs),” PhUV president Ferdinand Raquelsantos said in a statement yesterday.

He said a bulk of the investment would be used to set up a new production line for EVs in Maguyam in Cavite.

“New equipment and production facilities will be installed while raw materials and other production inputs will be purchased,” he said.

In the long-term, the company also intends to manufacture EVs for exports.

PhUV has teamed up with one of Taiwan’s biggest conglomerate and leading industrial motor manufacturer, TECO Electric and Machinery Co., Ltd., for the bidding of the Phase 1 of the $500 million E-trike program of the Department of Energy.

In partnership with TECO, the firm intends to make the Philippines a regional manufacturing hub not just for e-trikes but also for e-jeepneys, electric quadricycles and other EVs.

“We are looking at a possible expansion to TECO’s Subic facility so that we will enjoy the benefits of locating in an export processing zone. We hope to make the Philippines a major player in the EV industry in the region,” he said further.

PhUV, a 100 percent Filipino-owned firm, earlier partnered with different local government units to promote the Climate Friendly Cities program by providing e-jeepneys.

The program aims to use energy from organic wastes from the wet markets, business establishments, households and farms to power an environment-friendly public transportation system composed of e-jeepneys and e-trikes.