According to a Bloomberg report, the Chinese company, BYD, is looking to set up a plant in the South East Asian region, with Vietnam, Indonesia, and the Philippines all being considered prime candidates to host the world’s second-largest maker of electric vehicles, at least according to a top Philippine trade and investment official.
The venture looks like it’s swinging in the Philippines’ favor, as the Chinese brand is in an “advanced stage of discussions” with the Philippines, Bloomberg reported. Representatives from BYD have already scouted the country for possible sites to set up the factory. According to the source, the company could decide on the final site of the plant in the second quarter of this year.
While that’s soon to be ongoing for the Philippines, meanwhile in Thailand, BYD’s already set up to build its first factory in the neighboring ASEAN country. BYD’s still exploring whether the new site will be a full-blown assembly plant or a final-assembly facility, with the latter being able to simply put all the parts together to make a car.
As for the other two ASEAN nations currently engaged in talks with the Chinese brand, Indonesia is offering the brand tax holidays and other incentives for BYD to consider them.
The other reasoning as to why the Philippines is being considered as a potential investment for the near future is the large nickel reserves that the country is sitting on. Nickel is a key ingredient in the making of batteries, and according to the source, it along with Indonesia accounts for almost half the world’s nickel reserves.
With the rise of electric vehicles and the growing demand for EV battery raw materials and other metals in the global market,
Latest News
-
The DPWH approves TPLEX extension project award to San Miguel Corporation / News
According to a recent announcement from the DPWH, it has approved the TPLEX extension project award to SMC.
-
VinFast VF 3 soon to arrive in the Philippines / News
Exciting news—VinFast is bringing the compact VF 3 SUV to the Philippine shores.
-
Upcoming Mitsubishi models: What might arrive in the Philippines? / News
Mitsubishi is updating its lineup in Australia, sparking curiosity about possible new releases in the Philippines.
Popular Articles
-
Cheapest cars under P700,000 in the Philippines
Aug 25, 2023
-
First car or next car, the Ford EcoSport is a tough package to beat
Jun 18, 2021
-
Car Maintenance checklist and guide – here’s everything you need to know
Earl Lee · Jan 12, 2021
-
Most fuel efficient family cars in the Philippines
Bryan Aaron Rivera · Nov 27, 2020
-
2021 Geely Okavango — Everything you need to know
Joey Deriquito · Nov 19, 2020
-
Family cars in the Philippines with the biggest trunks
Sep 20, 2023
-
Head to head: Toyota Rush vs. Suzuki XL7
Joey Deriquito · Oct 28, 2020
-
Why oil changes are important for your car
Earl Lee · Nov 10, 2020
-
2021 Kia Stonic — What you need to know about it
Joey Deriquito · Oct 16, 2020
-
Top 7 tips for buying a used car in the Philippines
Joey Deriquito · Nov 26, 2020