The enactment of the Electric Vehicle Industry Development Act (EVIDA) that grants incentives to EV-related investments has paved the way for the entry of a $250-million pioneering venture into the production of high-end electric batteries, motors and motorcycles.
Integrated Micro-Electronics, Inc. (IMI) of the Ayala Group and American firm Zero Motorcycles, a global leader in electric motorcycles and powertrains, the other day signed in Washington DC a cooperation agreement where the latter agreed to subcontract to the former its manufacturing operations for electric motorcycle assembly and other related sub-assemblies, such as battery and motor assembly.
IMI will assemble full electric motorcycles for Zero global customers including those in Europe and Asia.
In a statement, the Department of Trade and Industry (DTI) said President Ferdinand Marcos Jr. and DTI Secretary Alfredo Pascual witnessed the signing between Jaime Augusto Zobel de Ayala, chairman of the Board of Directors of AC Industrial Technology Holdings Inc. and Sam Paschel, chief executive officer of Zero Motorcycles. IMI is a unit of AC Industrial, an Ayala company.
The DTI said the agreement projects an annual revenue of $65 million and investments of $250 million over the next five years. The venture will generate at least 200 new jobs for Filipinos.
Mass production is targeted to start by June 2023 in Laguna. Annual output is at 18,000 units.
IMI facilities are located in Biñan, Laguna, where they operate as an original equipment manufacturer (OEM) in automotive, industrial, medical, telecommunications infrastructure, storage devices, and consumer electronics.
“With this investment, we will be better positioned as an export manufacturing hub for electric batteries and vehicles in the region,” Pascual said.
The EVIDA provides for the creation of the Electric Vehicle Incentive Strategy that will provide more incentives for EV-related investments to help establish an enabling environment for the sector. Irma Isip
