CIRTEK Holdings Philippines Corp. on Thursday said the Philippine Economic Zone Authority (PEZA) has approved the application of its unit to set up an electric motorcycle assembly.
In a stock exchange filing, the company said the PEZA board on Dec. 19 approved unit Cirtek Advanced Technologies and Solutions, Inc.’s (CATSI) application for registration as a domestic market enterprise.
Cirtek shares gained 1.85% or three centavos to close at P1.65 each.
CATSI will make and assemble two-wheel and three-wheel electric motorcycles and lithium-ion battery packs, the listed company said. “With a steadfast commitment to providing affordable and reliable mobility solutions, CATSI is set to transform the landscape of transportation in the region,” it added.
Cirtek said it is partnering with electric motorcycle and lithium battery manufacturers in China as it aims to bring clean and technology innovation to the electric mobility sector.
“This collaboration brings together the expertise and resources of two industry leaders, guaranteeing that our electric motorcycles meet the highest standards of performance, safety and innovation,” it said.
The production of its electric motorcycle and lithium-ion battery pack would start this year, the company said, adding that it expects the growing adoption of electric vehicles in the country.
“Although the Philippines lag behind our neighbors with regard to the adoption of Electric Vehicles, we expect a big turnaround in the industry very soon,” Cirtek said.
The Electric Vehicle Association of the Philippines expects electric vehicles in the country to reach almost seven million by 2030 as the Energy department pushes faster rollout of new units. — Ashley Erika O. Jose
