Envirotech Vehicles Provides Update on Philippines Manufacturing Facility

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.