MANILA, June 15 (Reuters) - China's Yadea Group Holdings (1585.HK), one of the world's biggest electric two-wheeled vehicle makers, plans to invest about $1 billion in an e-motorcycle factory in the Philippines, the country's investment promotions agency chief said on Thursday.
Yadea is one of a several electric vehicle (EV) manufacturers looking at the Southeast Asian nation for expansion of their manufacturing sites, Tereso Panga, director-general of government-run Philippine Economic Zone Authority (PEZA), told reporters.
The Philippines is also touting its abundance of nickel, copper and cobalt, which are key raw materials for the EV industry.
American and British electric vehicle firms are also scouting for battery and e-motorcycle manufacturing sites, Panga said.
PEZA targets a 10% increase in investment approvals this year from 140.7 billion pesos ($2.51 billion) in 2022.
Persons:
Yadea, Tereso Panga, Panga, Neil Jerome Morales, Martin Petty
Organizations:
Yadea, Holdings, HK, Economic Zone Authority, ASEAN Automotive Federation, Thomson
Locations:
MANILA, Philippines, China, Vietnam, Batangas, Manila, Thailand, Indonesia, British