Electric vehicle batteries producer gets fiscal perks on February 23, 2021 at 8:37 am
A manufacturer of fast chargers and retrofit kits for electric vehicles (EVs) has secured fiscal perks from the government for its commitment to produce EV batteries.
The Board of Investments (BOI) has approved the application of CHRG Electric Vehicle Technologies, Inc. as a new domestic producer of the said EV tools on a non-pioneer status under the current Investments Priorities Plan listing of Innovation Drivers. CHRG invested Php3.9 million for the project.
CHRG having non-pioneer status means it is granted up to four years of income tax breaks. Its project, based at the National Engineering Center at the University of the Philippines-Diliman, also gets duty exemption on imported capital equipment, spare parts and accessories, and wharfage dues. The project would also get tax breaks on breeding stocks and genetic material and tax credits on imported raw materials, among others.
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Portland, OR, Feb. 23, 2021 (GLOBE NEWSWIRE) According to the report, the
Europe electric vehicle market was estimated at $25.48 billion in 2019 and is anticipated to hit $143.08 billion by 2027, registering a CAGR of 25.4% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increase in demand for fuel-efficient, high-performance, and low-emission vehicles and stringent government rules & regulations toward vehicle emission fuel the growth of the Europe electric vehicle market. On the other hand, high manufacturing cost and insufficient electric vehicle charging infrastructure in Europe hinder the growth to some extent. Nevertheless, proactive government initiatives and technological advancements are anticipated to offer lucrative opportunities to the market players.
UP-based e-vehicle battery maker gets gov t permit to produce fast chargers for EVs newsbytes.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsbytes.ph Daily Mail and Mail on Sunday newspapers.
The Board of Investments (BOI) has recently approved the application of CHRG Electric Vehicle Technologies, Inc. as a new domestic producer of electric vehicles (EV) fast chargers and retrofit kits on a non-pioneer status under the current Investments Priorities Plan listing of Innovation Drivers.
The organisers of Clean Energy Week 2020, EnergyLab, launched the first ever sustainable e-Mobility campaign this week to encourage people to try electric vehicles.