Korean firm set to invest P5B to produce e-jeeps, e-cars in PH
A Korean company, known for making fire trucks and fire-fighting products, will invest P5 billion to produce electric cars and electric jeepneys in the Philippines, according to the Philippine Economic Zone Authority (Peza), which recently signed a memorandum of understanding (MOU) with the firm.
Peza said in a statement on Friday that ENPlus Co. Ltd. would be the first of its kind to be registered under Peza, an agency that deals with export-oriented firms. It did not provide a timeline for the project, but it will be located in Negros Occidental. The move also signals a new direction for the company, which has been in the fire-fighting business for decades.
According to its official website, ENPlus, which started in 1966, corners the South Korean fire-fighting vehicle market with a 30-percent market share, the largest in the country.
“[ENPlus] invests P5 billion to manufacture and operate facilities of electric cars and electric jeepneys in municipality of Pulupandan (Port of Pulupandan) which is situated in Negros Occidental,” Peza Director General Charito Plaza said.
“[ENPlus] will be our first electronic vehicle manufacturer to be registered under Peza where they can avail [themselves of] special incentives for pioneering projects,” she added.
Peza said the agency would provide a 30-hectare land to link prospect industries to ENPlus for joint investment ventures and other related agreements for eligible projects of Peza. ENPlus CEO and chair Ahn Young-yong also thanked the Philippines for ordering more than 100 units of pump trucks, water trunks, aerial ladders and rescue trucks last year. “We would like to expand our business in your country to manufacture environment and energy-friendly vehicles starting with your jeepneys,” the executive said.
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