PEZA Board Allows Cirtek's Application to Introduce an Electric Motorcycle Assembly in the Philippines
Cirtek Holdings Philippines Corporation announced in a PSE disclosure dated January 4, 2024 that the Philippine Economic Zone Authority (PEZA) Board approved the business unit Cirtek Advanced Technology and Solutions, Inc. - Philippine Branch (CATSI)'s application for registration as a Domestic Market Enterprise (DME) engaged in the manufacture and/or assembly of electric motorcycles (2-wheel and 3-wheel) and lithium-ion battery packs at the Laguna Technopark, Binan City, Laguna. On January 4, 2024, the business was granted the PEZA Certificate of Board Resolution.
Pioneer in the electronics business, Cirtek Advanced Technology and Solutions, Inc. (CATSI) is about to create history with the opening of its first-ever lithium battery assembly plant and electric motorcycle assembly facility in the Philippines. With an unwavering dedication to offering dependable and reasonably priced mobility solutions, CATSI is poised to revolutionize the local transportation scene.
Affordable Solutions for the Working Class
Acknowledging the increasing demand for easily accessible and environmentally sustainable modes of mobility, CATSI is committed to providing the working class with reasonably priced electric motorcycles. The CATSI goal is to provide people with dependable mobility options that improve their everyday commute and help the environment become greener and cleaner. The achievements of CATSi neighbors in Southeast Asia and elsewhere who have embraced electric mobility solutions serve as an inspiration to the company. Similar policies have previously been implemented in a number of nations, including Indonesia, Malaysia, Taiwan, Vietnam, and India, illustrating the advantages of electric vehicles for local communities. CATSI is confident that it can contribute to a sustainable and progressive future in the Philippines by bringing this enthusiasm to the country. CATSI is well-positioned to bring new technology and developments to the electric transportation sector because of the company's lengthy history in the electronics industry. Because of the company's in-depth knowledge of high-quality products, CATSI is well-positioned to lead industry innovations and make sure that its electric motorcycles not only meet but also surpass its clients' expectations.
Strategic Partnership with Industry Leader
Aiming to guarantee the best quality and state-of-the-art technology, CATSI has teamed up with one of China's biggest and most respected producers of lithium batteries and electric motorcycles. By combining the knowledge and assets of two prominent companies in the field, they ensure that their electric motorcycles surpass the most stringent requirements for performance, safety, and innovation.
Production Set to Begin
The anticipation is growing as CATSI prepares to start production in 2024. This milestone, which was recently approved by the Philippine Economic Zone Authority (PEZA), represents not only a major accomplishment for CATSI but also a revolutionary turning point for the country's electric transportation industry.
According to the Management of CHPC, “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. Asian Development Bank (ADB); based on their publication in 2022 about the Electric Motorcycle Roadmap; stated that there will be around 300 Million units in Asia by the year 2030. In the Philippines, there are an estimated 18.8 Million registered and unregistered gas motorcycles and expected to increase more with 22.20% CAGR, highest growth rate among Southeast Asia. This data drives CATSI to target at least 1 Million units within 3 to 4 years for domestic sales alone, as we expect most consumer will embrace the Electric Vehicle specially the 2-wheel as the main transport solution.”
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Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
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