Sunday, April 21, 2024

Chinese Firm Eyes USD200 Million E-Vehicle Plant In Bacolod City

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Chinese Firm Eyes USD200 Million E-Vehicle Plant In Bacolod City

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Officials of a Chinese company are visiting here to discuss their proposal to build a USD200-million electric (e)-vehicle manufacturing plant in the city, Mayor Alfredo Abelardo Benitez said on Thursday.

Officials of Jiangsu Fengchuen New Energy Power Technology Co. Ltd. came after the mayor announced last month their scheduled arrival, following initial discussions on the proposal when he was part of the Philippine delegation during the state visit of President Ferdinand R. Marcos Jr. to China.

“They arrived yesterday and we held our first meeting. They will continue their due diligence here,” the mayor told reporters.

Due diligence refers to the process of verification, investigation, or audit of a potential investment opportunity.

“They sounded really excited. I hope it would push through. They are talking, they want to make sure all bases are covered with such a big investment. One of things they are looking for, is a friendly LGU (local government unit),” he added.

Benitez had earlier said the firm, which is a collaboration between Chinese and Korean companies, has already identified Bacolod as their place of operations. (PNA)