Chinese company plans to build an electric vehicle factory in Bacolod City for $200 million.
According to Mayor Alfredo Abelardo Benitez, representatives of a Chinese corporation are in town to explore plans to erect a $200 million electric vehicle manufacturing facility.
The mayor, who was a member of the Philippine team during President Ferdinand R. Marcos Jr.’s state visit to China, had first discussions about the plan and had stated last month that officials from Jiangsu Fengchuen New Energy Power Technology Co. Ltd. would arrive.
“We had our first meeting after their arrival yesterday. They’ll keep doing their research here, “the mayor informed the media.
The term “due diligence” describes the procedure of confirming, looking into, or auditing a potential investment opportunity.
“They made a lot of excited noises. I’m hoping it will proceed. They are conversing because they want to make sure that such a significant investment is protected. One of the things they seek is a cooperative LGU (local governmental unit) “Added he.
Benitez had previously stated that the company, which is a partnership of Chinese and Korean businesses, has already chosen Bacolod as its operational hub.
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