Chinese firm to earmark P1.3B for assembly plant-A A +A
Sunday, October 27, 2013
THE Chinese investor, who is planning to put up the first-ever assembly plant of electronic vehicles in Davao City, will invest some P1.3 billion for the project, an official said.
The facility will be utilized to assemble environment-friendly e-vehicles such as eco-bikes, eco-cars, and eco-buses.
In a text message Friday, Davao City Investment Promotions Center (DCIPC) officer-in-charge Ivan C. Cortez said that the initial phase of the project will need roughly P300 million pesos for construction of eco-bike facility.
"Full swing operation will be around P1 billion and will include the eco-car and eco-bus," he said.
Earlier, Cortez said that the company will first produce eco-bikes that will test the local market. He said that the ecobike when fully-charged can run up to 60 to 80 kilometers per hour (KPH).
"They will be having charging stations where bikers can exchange their spent batteries for a full charged set in a few seconds instead of waiting for eight hours," he said.
Cortez said the company will most likely start the operation by June next year.
In a report, he said that they are also looking at Cebu City and Cagayan de Oro City for expansion of assembly plants.
"They decided to start in Davao first because they saw that laws and policies for businesses are already in place compared to other cities," Cortez said.
He also said that the company is qualified to apply for incentives since they are under one of the priority investment areas - light manufacturing and assembly - that will be given tax holidays.
Published in the Sun.Star Davao newspaper on October 28, 2013.