California-based Envirotech Vehicles Inc. (EVT) is investing USD 80 million to build a production plant in Clark Freeport Zone as it bets on the EV market’s growth potential in the Philippines. The plant, which will have an area of 15,000 to 20,000 square meters, is targeted to have a maximum of five assembly lines, each with a capacity of 360 vehicles per year, for a total of 2,100 vehicles per annum. EVT is a US-based transportation industry provider, specializing in all-electric vehicles for commercial and industrial use. Following its success in the US, EVT is now entering the Philippines and is geared to set up a manufacturing plant for EVs in the Philippines.
The investment aligns with the Philippine Department of Trade and Industry (DTI) plans to position the Philippines as a major player in the global battery market, given the presence of abundant nickel and cobalt reserves in the country. DTI aims to establish a complete value chain that spans the extraction and processing of eco-friendly metals to the local production of batteries, charging stations, and electric vehicles.
DTI emphasized that the global shift to green products such as EVs is crucial to address environmental problems caused by climate change. Several legislations have also been passed to develop the local EV industry, such as the comprehensive roadmap for the Electric Vehicle Industry and the Electric Vehicle Industry Development Act (EVIDA), which will require the government to implement and allocate 5% of their fleets to EVs.
(Source: Philippine Star)