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Bilyonaryo - Business

Ayala Group pushes for temporary tariff reduction on electric vehicles to drive adoption

June 4, 2023

Bilyonaryo.com

ayala - Bilyonaryo Business News

The Ayala Group of Companies is making a compelling case for a temporary reduction in the most favored nation rates on all completely built up 2-wheeled electric vehicles.

It is urging the government to bring the tariffs down to zero percent.

Alongside the 2-wheeled electric vehicles, the conglomerate is also advocating for the temporary elimination of tariffs on electric vehicle charging stations, battery swapping stations, as well as their corresponding parts and accessories.

Ayala Corp., AC Industrial Technology Holdings Inc., Global Capital Ventures Inc., and Adventure Cycle Philippines Inc. have jointly submitted a request to the Tariff Commission, seeking a reduction in tariffs on five specific tariff lines.

The move is in line with the Department of Trade and Industry’s support for the removal of tariffs on electric vehicles over a five-year period, aiming to make them more affordable and incentivize a shift towards electric mobility.

In 2022, the Tariff Commission conducted a public hearing on electric vehicles and decided to maintain the tariffs on e-jeepneys and e-tricycles at 20% and 30% respectively, to support local producers in the market.

Ayala Group’s commitment to promoting sustainable transportation extends beyond advocating for tariff reductions.

In May 2023, Integrated Micro-Electronics Inc., a subsidiary of Ayala Group, sealed a substantial $250-million deal with Zero Motorcycles. The agreement paves the way for the full assembly of electric motorcycles in a cutting-edge facility located in Laguna.

Under this agreement, Zero Motorcycles will subcontract certain electric motorcycle assembly operations, such as battery and motor assembly, to IMI. The ultimate goal is to establish mass production capabilities for electric motorcycles targeting European, Asian, and other international markets. The project is projected to yield an impressive $65 million in annual exports.

Related News Tags: AC Industrial Technology Holdings Inc., Adventure Cycle Philippines Inc, Ayala, Ayala Corp., Ayala Group of Companies, electric vehicles, Global Capital Ventures Inc.

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