Vietnamese conglomerate Vingroup, the parent company of electric vehicle (EV) manufacturer VinFast, plans to invest $500 million or around P31.7 billion in EV manufacturing plant in the Philippines, with an initial production capacity of 200,000 vehicles annually, according to the Department of Trade and Industry (DTI).
Called Premium Taxi, the service initially operates in Makati, Taguig, Mandaluyong, and Pasig, covering business districts, commercial areas, hotels, and major transport hubs.
Vietnamese electric vehicle maker VinFast has launched its VF MPV 7 in the Philippines, making the country the third international market for the seven-seater electric vehicle as the company pushes to expand its footprint in Southeast Asia.
VinFast plans to introduce battery-swapping scooter models in the country and has partnered with five local distributors to establish sales outlets and service centers across Luzon and Mindanao.
Under the Residual Value Guarantee (RVG) program in the Philippines, VinFast will guarantee a resale value of 90% after six months, 86% after one year, 78% after two years, and 70% after three years of use.
Vietnamese ride-hailing firm Green and Smart Mobility Joint Stock Company (GSM) aims to provide eco-friendly taxi services utilizing VinFast electric cars exclusively in 2024.
