The advent of technology gives rise to the emergence of e-vehicles (EV). A South Korean firm invests ₱5 billion to rise an electric vehicle manufacturing plant in the Philippines.
What is an electric vehicle?
An electric vehicle can be partly or completely electrically powered. It has low running costs because it has fewer moving parts to maintain. Besides, they are environment-friendly because it doesn’t use diesel or petrol as fuels.
Lithium batteries are the standard for modern electric vehicles because they have better longevity. They are also outstanding at keeping energy because of their 5% monthly discharge rate.
Electric vehicles to roam the streets
ENPlus Co. Ltd. is investing ₱5 billion to put up an electric vehicle manufacturing plant in the Philippine Economic Zone Authority (PEZA) zone. It will be the first to register under PEZA and will turn up in Negros Occidental. The operation will likewise include the manufacturing of electric cars and electric jeepneys.
“ENPlus, a Korean company, is (now) our partner in investing in the countryside and believing in the Philippines as an investment haven in Asia. We appreciate ENPlus in their commitment and alliance with us towards making the Philippines a clean, sustainable, and environment-friendly country,” said Charito Plaza, PEZA director general.
Utilizing EV’s is an eco-friendly way to help lessen gas emissions that causes a greenhouse effect. It will also reduce air pollutants from vehicles that use diesel or petrol, Plaza added.
Plaza and Young Yong Ahn signed a memorandum of agreement (MOA) on Wednesday. It is a joint venture between PEZA and ENPlus Co. Ltd. Ahn is the chair and chief executive officer of the said South Korean company.
PEZA houses South Korean electric vehicle manufacturing plant
PEZA will provide EnPlus with 30-hectare land as stated in the agreement for its electric vehicle manufacturing plant. It will bridge potential industries to the firm for joint investment ventures. Additionally, it includes other corresponding agreements for PEZA qualified projects. There is no disclosed timeline for the project.
ENPlus Co. Ltd. is the first of its kind to register under PEZA. Its main products are fire trucks and firefighting products. The electric vehicle manufacturing company likewise offers valves, heads, hoses, and others.
According to Young, they would like to expand their business in the Philippines. They will provide more electric vehicles and fire trucks. Because jeepneys are the most popular mode of transportation in the country, they will start with e-jeepneys.
The said joint venture will create more jobs for the Filipinos. The country is hoping that this could be the start of new investments coming into the country.