THE Philippine Electric Vehicle industry is targeting to make electric vehicles account for at least 50 percent of all vehicles plying the country’s roads by 2040.
‘The bold target is to make EVs account for at least 50 percent of all vehicles on our roads by the year 2040,’ Electric Vehicles Association of the Philippines (EVAP) President Edmund A. Araga said in his speech at the 13th Philippine Electric Vehicle Summit (PEVS) 2025 on Thursday.
Araga said this target could be translated to a volume target of at least 2.5 million electric vehicles by 2040.
‘I am confident, as I have always been, that this goal is easily achievable, especially as we actually see that each year, we are breaking our own records,’ he asserted.
Citing data from the Land Transportation Office (LTO), Araga said registrations of EVs ‘skyrocketed’ to 29,715 from January to July of this year.
He said that figure has ‘overwhelmingly surpassed’ the number in 2024, adding that this represents about 5 percent of new vehicle registrations or thrice compared to the number two years ago.
In achieving the bold target for 2040, the EVAP chief said the electric vehicle sector is hoping that the ‘attractive incentives and perks offered to our motorists to shift to electric will further go full swing.’
Currently, some of the incentives and perks offered to the country’s motorists include: zero import tariffs; priority registration at the LTO, exemption from number coding, and free public EV charging stations in a growing number of malls and other commercial and public establishments.
As to the state of growth of EV charging stations, Araga shared that the Comprehensive Roadmap for the EV Industry in the country targets deploying 7,300 EVCS nationwide by 2028 and 20,400 by 2040, pointing out that this is the local industry’s ‘new challenge.’
‘We continue to persuade and encourage the public and private sectors to work double time to speed up the growth of EVCS in the Philippines,’ added the head of the EV industry group.
Araga pointed out that it is just ‘logical’ that as the number of EVs ‘consistently’ jump every year, the figure for EVCS ‘must match that spike’ so as to convince more Filipinos to switch to EV and realize the economic and environmental benefits of turning to electric mobility.
On the investments that the EV sector is attracting, Araga said it is estimated that total investments in local EV assembly and battery material and manufacturing have reached over P1 billion, creating more jobs for Filipinos.
‘We are confident that it will grow further,’ added the EVAP president.
He said the EV sector is becoming a ‘significant’ contributor to the economy through the rising volume of foreign and local investors, particularly in battery manufacturing facilities.
For one, Araga said the very first lithium battery factory in the country was inaugurated in Tarlac in 2024.
‘That facility could power up to 18,000 EVs annually when it reaches full capacity by 2030,’ he underscored.