The electric vehicle (EVs) industry is gearing up for good prospects this year with the effectivity last month of the zero tariff on EVs.
Ferdinand Raquelsantos, chairman of the Electric Vehicle Association of the Philippines, estimates this year’s sales of pure four-wheel EVs and battery EVs and other plug-ins to grow by another 30 percent on top of the 20 -percent increase recorded in 2022.
Raquelsantos said with duties eliminated, imports from countries with most-favored nation tariffs of 30 percent will see a drastic reduction in prices of 18 to 20 percent.
These are imports from China, North America and Europe.
Commercial vehicles from China were previously pegged 5 percent duties but Raquelsantos said, tariff removal on these still provides a good amount of price reduction.
Raquelsantos said new orders and imports will start to come in as prices of EVs become very competitive.
There about 15 brands offering EVs with different variants in the passenger cars and commercial vehicle categories that buyers can choose from.
Available data showed 13,934 pure EVs were sold in the country since 2010, of which 12,740 units or 91 percent are motorcycles/etrikes. About 1,168 units are cars, commercial vehicles and utility vehicles while the rest are trucks and buses.
