Ayala, 917 Ventures, Gogoro Launch USD 8.5M Joint Venture to Revolutionize Philippine EV Market
A new joint venture is set to revolutionize the Philippine electric vehicle (EV) market. Ayala Corp., 917 Ventures, and Gogoro have invested a combined USD 8.5 million to introduce battery-swapping stations and sell electric motorcycles. The Philippine government's EV promotion policies, including tariff exemptions, are expected to boost demand for these eco-friendly vehicles.
The joint venture, led by Ayala Corp. with a 21% stake, will provide a comprehensive service. It will import, sell, and maintain electric motorcycles, along with setting up battery-swapping stations. This model is made possible by Gogoro's innovative battery exchange system, which allows riders to quickly swap batteries at designated spots.
The Philippine EV market shows promising potential. With around 10,000 registered EVs, including 8,000 two- or three-wheelers, there's a clear demand for electric motorbikes. Ayala Corp., which is accelerating its decarbonization efforts, sees this as an opportunity to expand its EV offerings. The company's subsidiary, 917 Ventures, holds a 49% stake in the venture. Gogoro, contributing 30%, brings its expertise in electric two-wheeler technology and battery-swapping infrastructure.
The joint venture, backed by Ayala Corp., 917 Ventures, and Gogoro, is set to transform the Philippine EV landscape. By leveraging the government's EV promotion policies and offering convenient battery-swapping solutions, the venture aims to increase the adoption of electric motorcycles. With a total investment of USD 8.5 million, the partners hope to tap into the growing demand for eco-friendly vehicles and contribute to the Philippines' decarbonization efforts.
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