Cirtek Holdings Philippines Corporation is venturing into the production of electric motorcycles and lithium-ion battery packs after receiving the green light from the Philippine Economic Zone Authority (PEZA) Board.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said the application of its business unit Cirtek Advanced Technologies and Solutions Inc. – Philippine Branch (CATSI) for registration as a Domestic Market Enterprise (DME) was approved by the PEZA Board last December and it received the certificate of board resolution last Jan. 4.
CATSI applied for registration as a DME engaged in the manufacture or assembly of electric motorcycle (2-Wheel and 3-Wheel), and Lithium-Ion Battery Pack at the Laguna Technopark, 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,” Cirtek said.
It added that, “with a steadfast commitment to providing affordable and reliable mobility solutions, CATSI is set to transform the landscape of transportation in the region.”
In a strategic move to ensure the highest quality and cutting-edge technology, CATSI has partnered with one of the largest and most reputable Electric Motorcycle and Lithium battery manufacturers in China.
This collaboration brings together the expertise and resources of two industry leaders, guaranteeing that its electric motorcycles meet the highest standards of performance, safety, and innovation.
CATSI is gearing up to commence production this 2024.
“Although the Philippines lag behind our neighbors with regard to the adoption of Electric Vehicles, we expect a big turnaround in the industry very soon,” Cirtek said.
The Asian Development Bank (ADB), based on their publication in 2022 about the Electric Motorcycle Roadmap, stated that there will be around 300 million units in Asia by the year 2030.
In the Philippines, there are an estimated 18.8 million registered and unregistered gas motorcycles and expected to increase more with 22.2 percent CAGR, highest growth rate among Southeast Asia.
“This data drives CATSI to target at least 1 Million units within 3 to 4 years for domestic sales alone, as we expect most consumer will embrace the Electric Vehicle specially the 2-wheel as the main transport solution,” Cirtek said.
Recognizing the growing need for accessible and eco-friendly transportation options, Cirtek said CATSI is dedicated to serving 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,” it noted.
Cirtek said “CATSI is inspired by the success stories of our South East Asian and other neighbors who have embraced electric mobility solutions. Countries like Indonesia, Malaysia, Taiwan, Vietnam, and India among others, have already adopted a similar concept, demonstrating the positive impact of electric vehicles on their communities.”
CATSI believes that by bringing this enthusiasm to the Philippines, it can contribute to a sustainable and forward-thinking future.
“With the company's long-standing legacy in the electronics industry, we are poised to introduce new technologies and innovations to the electric mobility sector. Our deep understanding on quality products positions us as a key player in driving advancements within the industry, ensuring that our electric motorcycles not only meet but exceed the expectations of our customers,” said CATSI.