BYD Cars Philippines sees continued growth in electrified vehicles
BYD Cars Philippines expects continued growth in the new energy vehicle (NEV) market, supported by high fuel prices and government encouragement. However, the company emphasizes that the government must assist in accelerating the rollout of charging infrastructure to sustain this momentum.
Why it matters
The transition to electric vehicles in the Philippines is accelerating, but infrastructure limitations remain a significant hurdle for market adoption.
MANILA, Philippines - BYD Cars Philippines Inc. expects to see continued growth in electrified vehicles in the country, but noted that government support is needed forfaster charging infrastructure rollout.
Bob Palanca, managing director of BYD Cars Philippines, told reporters during the launch of the Seal 5 sedan and Atto 2 sports utility vehicle, that he expects the government's push for electrified vehicles to support continued growth in the segment.
"In the SONA (State of the Nation Address), the President is actually encouraging the market. So that's a positive feedback for us who are in the NEV (new energy vehicle) space," he said.
Palanca said the high fuel prices this year have driven a spike in NEV sales, which also benefited BYD Cars Philippines.
ACMobility CEO Jaime Alfonso Zobel de Ayala said that as of June, NEVs captured a 22.3-percent share of all new vehicle sales in the Philippine market.
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