Electric vehicle fast charger maker gets tax breaks | Inquirer Business
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Electric vehicle fast charger maker gets tax breaks

/ 04:06 AM February 23, 2021

The Board of Investments (BOI) has granted tax breaks to a local producer of electric vehicle (EV) fast chargers.

The BOI said in a statement on Monday that it approved the application of CHRG Electric Vehicle Technologies, Inc. as a new domestic producer of EV fast chargers and retrofit kits under the current investment priorities plan.

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The IPP is a list of business activities that are eligible for tax breaks. The project falls under the IPP’s innovation driver category, which covers the commercialization of new and emerging technologies and products.

These emerging technologies and products include government-funded research and development such as hardware or software for the upgrading of local industries.

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CHRG invested a total of P3.9 million in a production facility at the University of the Philippines-National Engineering Center in Diliman, Quezon City.

UP Diliman, as the owner of the Charging in a Minute or “CHarM” technology, has provisionally authorized CHRG to produce such units. Both are finalizing the licensing agreement for its eventual commercialization.

Once it gains traction, the company has plans to move out of NCR and secure a more cost-effective location, with Bulacan or Rizal as targeted spots, BOI said.

The BOI said CHRG has the registered capacity to produce up to 12 units of Fast Chargers and 236 retrofit kits annually.

Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said the project was a strategic activity of the domestic electric vehicle supply chain.

“We look forward that homegrown technologies like this will play a major part in the development of electric vehicles in the country as we gradually begin the transition from fossil-fueled cars to environment-friendly vehicles and aspire to be a manufacturing hub for the EV components,” Rodolfo said.

He said the CHRG project boosts the recent tie-up between the BOI and the Philippine Council for Industry, Energy and Emerging Technologies of the Department of Science and Technology in putting together a list of homegrown technologies that are ready for adoption and commercialization. INQ

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TAGS: Business, electric vehicle, tax
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