Chinese automaker BYD is reportedly exploring the possibility of setting up an EV assembly plant in the Philippines, but said that such a move would very much depend on the level of government support and incentives, including tax exemptions, the Philippine Daily Inquirer reports.
According to James Ng, BYD MD for its Philippines and Singapore units, the company was still in the exploratory stage and studying the feasibility of developing a local assembly line. “We have no plans at the moment, but we are exploring,” he said.
Ng added that the automaker was presently focusing on its distributorship partnership with AC Motors, an Ayala Corporation subsidiary. Earlier this month, BYD and AC Motors announced a partnership deal in which 12 BYD dealerships are expected to be opened in the Philippines over the course of the next 12 months, with the Atto 3 SUV set to be introduced by the end of the year.
The Philippines isn’t the only country in the region vying to set up a BYD plant. Earlier this year, it was reported that Vietnam and Indonesia are also competing with it to host an EV assembly plant for the Chinese EV maker.
Like Indonesia, the Philippines is also a major producer of nickel reserves, reportedly the second-largest producer of the resource globally in 2022, making it a good option for producers of EVs and batteries, where the metal is key raw material.
Having previously missed out on investment opportunities due to its costly power rates, the country is positioning itself as a hub for sustainable manufacturing facilities. By 2040, it aims to increase the share of renewable energy to half of its electricity mix from around 30% currently.
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AI-generated Summary ✨
Comments mostly express skepticism and concern about BYD's plans to set up an EV plant in the Philippines, citing political instability, US influence, and unreliable policies as risks. Some critics link broader issues of distrust toward China and accuse political parties of sowing hatred, while others defend foreign investment regardless of politics. There are also doubts about the Philippine government's stability and decisions, suggesting that these factors could hinder BYD’s investment and operations in the country.