Semiconductor manufacturer Cirtek Holdings Philippines Corp. (CHPC) said Thursday it is venturing into electric motorcycle assembly, with a target of producing a million units in three to four years.
CHPC said in a disclosure to the stock exchange its unit Cirtek Advanced Technologies and Solutions Inc. (CATSI) would put up an assembly plant for motorcycles at the Laguna Technopark in Binan City, Laguna.
“CATSI, a trailblazer in the electronics industry, is poised to make history as it announces the launch of its first-ever electric motorcycle assembly and lithium battery assembly facility in the Philippines,” CHPC said.
“With a steadfast commitment to providing affordable and reliable mobility solutions, CATSI is set to transform the landscape of transportation in the region,” it said.
CATSI teamed up with one of the largest and most reputable electric motorcycle and lithium battery manufacturers in China. The plant will commence production this year.
CHPC said the Philippine Economic Zone Authority (PEZA) board approved on Dec. 19, 2023 CATSI’s registration as domestic enterprise engaged in assembly of electric vehicles.
CHPC said with the growing need for accessible and eco-friendly transportation options, the project would provide the working class with affordable electric motorcycles.
“Our mission is to empower individuals with reliable mobility solutions that not only enhance their daily commute but also contribute to a cleaner and greener environment,” the company said.
It targets domestic sales to reach 1 million units within three to four years as it expects more consumers to embrace the two-wheeled electric vehicle as the main transport solution.
CHPC said while the Philippines lagged behind its neighbors on the adoption of electric vehicles, it expected a big turnaround in the industry soon.
CHPC, citing data from the Asian Development Bank, CHPC said there are some 18.8 million registered and unregistered gas motorcycles in the Philippines, and this number was expected to increase at 22.2 percent compounded annual growth rate, the fastest in Southeast Asia.
Cirtek, owned by businessman Jerry Liu, is a fully-integrated technology company engaged in high-technology product development which focused on 5G wireless communication.
Liu also owns restaurant chain operator Figaro Coffee Group Inc.