E-Vehicle makers bullish on industry growth prospects

The Electric Vehicle Association of the Philippines (EVAP) has expressed optimism about the growth prospects of their industry.

At the recent two-day 9th Philippine Electric Vehicle Summit, EVAP president Edmund Araga said the Covid-19 pandemic has further slowed down the growth of the local EV industry but they will bounce back.

Araga said EV registration in the country dropped 35% to 1,015 units from 1,570 units in 2019. For the past decade, total EV registration in the country reached 12,965 units comprising of e-trikes, e-motorcycles, e-jeepneys, and e-cars among others.

“We are hopeful about the final approval of Senate Bill No. 1382 or the Electric Vehicles and Charging Stations Act. Its House version, HB 4075, already passed the second reading,” he added.

Araga said the issuance of the charging infrastructure guidelines and policy by the Department of Energy (DOE) will help in motivating businesses to put up and adopt EV charging stations by providing fiscal incentives.

Low-cost charging for EV is one of the top three factors for consumers to motivate them to purchase EV, a recent study by Frost & Sullivan said.