Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Small PHL EV production capacity to limit competitiveness with foreign rivals

by
December 30, 2024
in Top News
0
Small PHL EV production capacity to limit competitiveness with foreign rivals
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter
PHILSTAR FILE PHOTO

By Almira Louise S. Martinez, Reporter

THE Electric Vehicle Association of the Philippines (EVAP) said its members are “far behind” international brands and will struggle to compete due to the limited scale and sophistication of domestic-based production.

“Local manufacturers do not have the capacity in terms of technology and capitalization,” EVAP President Edmund A. Araga told BusinessWorld in an interview.

“We are far beyond compared to competitors outside the Philippines,” he added.

According to the Department of Energy (DoE), the lack of familiarity with electric vehicle (EV) technology among consumers and industry participants impacts consumer confidence and slows the pace of adoption.

It added that the EV industry is experiencing challenges with “limited manufacturing capacity, an underdeveloped value chain, and insufficient investments in charging systems and services.”

“Local EV companies should first be strengthened and expanded to meet domestic demand, and eventually compete with international brands,” the DoE said in an e-mail.

The DoE is monitoring the progress of the Electric Vehicle Industry Development Act and the Comprehensive Roadmap for the EV Industry (CREVI) to address these shortcomings.

Key measures include the “rollout of EV charging infrastructure, provision of fiscal incentives for both manufacturers and consumers to reduce cost, awareness campaigns, and capacity-building initiatives, including research and development efforts.”

“That’s why we’re looking for solutions and the right programs that will set forth the rollout of our local manufacturers,” Mr. Araga said.

“We need to give emphasis to local manufacturing,” he added.

According to October data from the Board of Investments, domestic EV sales have totaled 15,000 units, subject to validation in the Motor Vehicle Registration data.

Hybrid EVs were the most popular type of EV on the market in 2023, followed by battery electric vehicles, the DoE said.

In 2025, the DoE sees growth in the Philippine EV market. The CREVI projects sales and registrations of 311,700 units in a business-as-usual scenario.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Singapore carbon credit deal seen accelerating climate action — ACEN

Singapore carbon credit deal seen accelerating climate action — ACEN

Recommended

PBBM vows swift rehab of storm-hit shelters in Cagayan

PBBM vows swift rehab of storm-hit shelters in Cagayan

December 21, 2024
Councils to oversee individual farm commodities

Councils to oversee individual farm commodities

September 30, 2024
Putin poised to unleash cyber attacks on UK, minister warns

Putin poised to unleash cyber attacks on UK, minister warns

November 25, 2024
Residential sales lift Filinvest Land’s profit by 11%

Residential sales lift Filinvest Land’s profit by 11%

August 13, 2024
Marcos leads inauguration of Sorsogon sports complex

Marcos leads inauguration of Sorsogon sports complex

October 17, 2024
UK tourism struggles with £2.8bn shortfall as visitor numbers lag behind pre-pandemic levels

UK tourism struggles with £2.8bn shortfall as visitor numbers lag behind pre-pandemic levels

August 19, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved