Korean Firm to Build Electric Vehicles in Philippines
RTO PRINCESA CITY -- Leo Motors Inc. of South Korea signed early this week a major contract with the city government of Puerto Princesa to form a company that will produce electric vehicles to be sold in this city and throughout Asia.
In a report, the company said agreement includes minimum numbers of vehicles to be produced, as well as monetary contributions of up to US$ 5 million by the government of the Philippines.
The city government agreed to form a joint company to set up an assembly plant to supply electric taxis and help manage the program financially.
Leo Motors will supply knock down parts and batteries for minimum 2,500 electric taxis to the joint company.
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