Envirotech Vehicles Provides Update on Philippines Manufacturing Facility

Rhea-AI Summary

Envirotech Vehicles, Inc. provides an update on its Philippines facility, which is progressing according to plans. The facility will have the capacity to produce more than 2,000 vehicles per year and generate several hundred jobs. The investment in the Philippines is supported by the government's initiatives to promote the EV sector through incentives and tax benefits.

Positive

• The facility will have the capacity to produce more than 2,000 vehicles per year
• The investment is supported by the government's initiatives to promote the EV sector through incentives and tax benefits

Negative

• None.

OSCEOLA, AR / ACCESSWIRE / September 12, 2023 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a provider of new zero-emission, purpose-built electric vehicles ("EVTV" or "the Company"), today provided an update on its Philippines facility, which is progressing according to the Company's plans. EVTV has secured and taken possession of a 3,000 square meter final assembly facility located in Clark Free Trade Zone (formerly the US Clark Air Force Base). EVTV plans to open up the facility with two manufacturing lines, eventually scaling up to five production lines, which will provide the ability to produce more than 2,000 vehicles per year. The Company is commencing minor improvements on the plant.

Phillip Oldridge, Chief Executive Officer of Envirotech Vehicles, commented, "Our team has taken several trips to the Philippines in 2023 as we pursue standing up an electric vehicle manufacturing facility at the Clark Free Trade Zone. The local labor force is both well qualified and tech-savvy - ideal characteristics to build a local workforce for electric mobility - and we expect this facility to generate several hundred jobs. Further, we remain in active dialogue with and have the full support of the Marcos administration, Congress and the Senate partners in the Asia Pacific region. We look forward to providing additional updates in the months ahead."

Senate President Miguel F. Zubiri of the Philippines stated, "We welcome the investment in and commitment to the Philippines and the local areas from EVTV. The Philippines recognizes the importance of green mobility, and we are proud to welcome domestic electric vehicle (EV) production not only for our country but for export into the Asia Pac regions. We believe this evidences the attractive environment we have created in the Philippines for foreign investment and advances our ability to become a regional manufacturing hub. With EVTV's operations here, we can really take advantage of the local production of EVs and EV parts for our modernization efforts. This will be a cheaper, quicker, and overall more sustainable way of implementing our public utility vehicle (PUV) modernization."

In 2022, the Philippines enacted the Electric Vehicle Industry Development Act (EVIDA) to spur growth in the EV sector. EVIDA provides fiscal and non-fiscal incentives to materially lower the cost of doing business and quicken the development, commercialization, and utilization of EVs in the country. In addition, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act provides an enhanced set of performance-based tax incentives. EVs are also qualified for tax incentives under the Strategic Investment Priority Plan (SIPP), as it is an industry that the government has deemed to be critical to the country's development.

About Envirotech Vehicles
Envirotech Vehicles, Inc. is a provider of purpose-built, zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies, and academic institutions to meet the increasing demand for heavy-duty electric vehicles. Our vehicles address the challenges of traditional fuel-price cost instability and local, state and federal environmental regulatory compliance. For more information, visit www.evtvusa.com.

Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by Envirotech Vehicles, Inc. with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expected," "believes," "strategy," "opportunity," "anticipated," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Contact Information
For Envirotech Vehicles:
Investor Relations
ICR, Inc.
Telephone: (646) 200-8873
Email: envirotech@icrinc.com

Sue Emry, Executive Vice President
Telephone: (870) 970-3355
Email: sue.e@evtvusa.com

SOURCE: Envirotech Vehicles, Inc

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