SoKor Company Invests P5B for E-vehicle Production in PH

South Korean Company ENPlus Co. Ltd. is set to invest PHP5 billion for an electric vehicle manufacturing facility in the Philippines, according to the Philippine Economic Zone Authority (PEZA) Friday.

This makes ENPlus Co. Ltd. a pioneer electric vehicle manufacturer in PEZA ecozone.

The PHP5 billion investment will go to the construction of ENPlus’ e-vehicle factory that will be located in Pulupandan, Negros Occidental and will manufacture electric cars and electric jeepneys.

A Memorandum of Understanding was signed between PEZA Director General Charito B. Plaza and EnPlus CEO Young Yong Ahn on Oct. 21. PEZA will provide a 30-hectare site as stated in the memorandum “to link prospect industries to ENPlus for joint investment ventures and other related agreements for eligible projects of PEZA.”

ENPlus manufactures fire trucks and other fire fighting equipment, but are now expanding manufacturing capabilities to the production of e-vehicles. (GFB)