MANILA (PNA) — South Korean manufacturers of electric vehicle (EV) parts will soon supply the Philippines with cheaper EV components to boost EV production in the country.
This is after the Electric Vehicle Association of the Philippines (EVAP) and the International Electric Vehicle Expo Organization signed a memorandum of understanding (MOU) in Jeju Island, South Korea last month.
The MOU will identify Korean EV parts suppliers for prototype EVs in the country.
Among the EV parts and components that have local demand are motors, controllers, chargers, batteries and battery management systems.
“With this MOU, we will see a bigger base of possible better and cheaper sources of our EV parts and components,” said EVAP President Rommel Juan, noting that South Korea has competitive prices of EV parts.
Juan added that most of the EV parts and components were imported from China.
He mentioned that South Korean industry players are also interested in setting up manufacturing facilities in the Philippines in the future, which would support the local EV sector.
“We see a lot of potential with some possible collaborations and joint ventures with our Korean counterparts as they are now leading in the EV battery technology and have numerous EV products to offer,” said Kea Industrial Corp. Vice President Edmond Araga.