Posted on 19 Jun 2023
Chinese electric two-wheeled vehicle maker Yadea reportedly plans to invest about $1 billion in an e-motorcycle factory in the Philippines.
According to Reuters, Tereso Panga, director general of the Philippine government agency Philippine Economic Zone Authority (PEZA) said Yadea and several other EV manufacturers are interested in expanding production sites in the Southeast Asian nation.
Quoting Panga, the says Yadea wants to apply for a factory in Batangas, south of the capital Manila. The factory is planned to produce about 3-5 million e-motorcycles per year to meet the domestic demand.
Yadea is yet to respond to Kallanish’s request for comment.
The manufacturer has six production hubs in China and one in Vietnam with a total annual production capacity of more than 12m units.
The Philippines has been increasingly active in promoting its investment opportunities and resource advantages related to a new energy vehicle industry to compete with neighbouring countries such as Indonesia.
Panga and other PEZA officials recently hosted a meeting with the government representatives of Dongguan, in China’s Guangdong province, Kallanish notes.
According to the government of Dongguan, starting from 2 June this year, the Regional Comprehensive Economic Partnership (RCEP) is effective for the Philippines. This means parties can apply to the Dongguan City Council for the Promotion of International Trade for the issuance of certificates of origin and back-to-back certificates of origin exported to the Philippines under RCEP. Export goods with the above certificates can enjoy preferential tariff treatment in the Philippines in accordance with the relevant regulations of RCEP.
Source:Kallanish
