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Meralco Explores Investment in Electric Vehicle Body Production

Published: 9.26.2023

In a news article by BusinessMirror, Manila Electric Co. is contemplating potential investments in the production of electric vehicles (EV), as revealed by Manuel Pangilinan, Chairman and CEO of Meralco.

Pangilinan has indicated Meralco's intention to establish partnerships with other enterprises involved in EV manufacturing and assembly. This endeavor harmonizes seamlessly with the strategic interests of its affiliated entity, Philex Mining Corp., which is pursuing nickel mining operations.

Nickel is an essential component in EV battery production.

Pangilinan said as far as Meralco is concerned, the power company is prospecting the nickel industry to develop in the country “because the future for Electric Vehicles (EV) is bright.

There isn't a specific plan originating from Meralco at the moment, but Pangilinan has pledged his commitment to support the Meralco Board in any initiatives related to electric vehicles (EVs). Pangilinan emphasized that the shift from traditional fossil fuels to EVs will serve as the key indicator for when Meralco will commence the establishment of EV charging stations.

"We believe that the Philippines holds significant potential in the field of EV body manufacturing," Pangilinan added. "Given the rapid growth of the EV market, we aspire to play a pivotal role in its expansion."

Meralco's prospective investment in EV production would represent a noteworthy advancement for the Philippines' EV industry. Currently, the Philippines is reliant on imported EVs and the development of a domestic EV manufacturing sector could contribute to cost reduction and job creation.

The Philippines has set an ambitious goal of having 1 million EVs on its roads by 2025. The government has introduced various incentives, including tax benefits and subsidies, to stimulate EV adoption.

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