Electric vehicle makers are targeting to sell 12,000 units this year in a step closer to their objective of hitting 200,000 units sold by 2024.
Electric Vehicles Association of the Philippines (Evap) President Edmund A. Araga told reporters sales could increase over the next years on the back of strong demand for e-vehicles in the face of the government’s modernization of jeepneys.
“There is a rise in demand because, during the launching of [the] PUV [public-utility vehicle] modernization program, the manufacturing of electric vehicles got hyped,” Araga said.
He, however, admitted the industry’s goal of 200,000 units sold by 2024 is still far from reach. Citing preliminary figures from the Land Transportation Office, Araga said there were about 7,000 e-vehicles registered with the government last year, which was also indicative of the industry’s total sales.
The Evap is staring at an annual growth rate of 8 percent to 12 percent that will put revenue from services at P1.68 billion and sales at 200,000 units by 2024.
“Looking at the jeepney [segment alone], sales of 5,000 units to 10,000 units this year is a feasible target. We are looking at a higher stake—depending on the total production of our members—and [sales could] scale up around 12,000 units,” Araga forecasted.
E-vehicle manufacturers are also hopeful there will be foreign investors interested to locally produce electric batteries, which is 50 percent the entire component and production cost of e-vehicles, according to the Evap chief.
“It [domestic production of e-batteries] might lower the cost [of e-vehicles] because the supply chain is here. There is a probability that it will lower down the cost,” Araga said.