October 26, 2021

In the Philippines, a SoKor company is investing P5 billion in electric vehicle manufacturing

The Philippine Economic Zone Authority (PEZA) said Friday that South Korean firm ENPlus Co. Ltd. will invest PHP5 billion in the Philippines to build an electric car manufacturing facility.

ENPlus will be the first e-vehicle producer in the PEZA ecozone, according to PEZA director-general Charito Plaza.

Plaza stated that ENPlus’ e-vehicle factory will be in Negros Occidental.

It will manufacture electric automobiles and electric jeepneys as part of its operations.

Young Yong Ahn, the chief executive officer and head of Plaza and ENPlus, signed a memorandum of understanding for the joint venture between PEZA and the Korean corporation on Wednesday.

“ENPlus, a Korean firm, is now our partner in rural development and in believing in the Philippines as an Asian investment haven.” We value ENPlus’ commitment and partnership with us in making the Philippines a clean, sustainable, and environmentally friendly country,” she said.

PEZA will provide a 30-hectare plot of land “to link prospect industries to ENPlus for joint investment ventures and other associated agreements for qualifying PEZA projects,” while the Korean firm will invest PHP5 billion in the facility.

ENPlus is a fire truck and firefighting equipment manufacturer that is now branching out into e-vehicles.

“We’d like to make the world a better place by providing the Philippines with more fire trucks and electric vehicles. “With this, we would like to develop our business in your country to build environmentally and energy-friendly cars, beginning with your jeepneys, which are your country’s most popular means of transportation,” Young stated.

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