American firm Envirotech Vehicles Inc. is spending up to $80 million (P4.35 billion) in a planned electric vehicle (EV) assembly plant in Clark, Pampanga.
In signing ceremonies in Taguig City on Tuesday, Phillip Oldridge, Envirotech Vehicles chief executive officer, said the initial investment will be spent over four years in a facility with two up to a maximum five assembly lines.
Oldridge said each line is capable of assembling 360 vehicles each year making the facility capable of 1,800 EVs annually when fully operational.
At the moment, Envirotech Vehicles assembles EV vans, trucks and school buses.
Oldridge also said the business looks to supply both the domestic and international markets as the Philippines is perfectly located as a hub in Southeast Asia.
To execute its plans, Envirotech Vehicles signed a two-year lease agreement with Bertaphil Inc. that it hopes to extend up to five years for the initial space that will be used for the EV assembly plant expected to occupy 15,000 to 20,000 square meters of space.
Oldridge hopes for the facility to be functional by December 2025 as it will create 800 direct and up to 400 indirect jobs in the country.
