LONDON - Tembo E-LV BV, a subsidiary of VivoPower International PLC (NASDAQ:VVPR), has received 1,300 order commitments for the assembly of electric jeepneys through its joint venture with Francisco Motor Corporation in the Philippines. These orders, worth an estimated $30 million, have been secured with non-refundable deposits from several leading jeepney cooperatives, including Laguna, First Isabela, Progressive, and Cazanova.
The partnership aims to modernize the iconic Filipino jeepney by transitioning from diesel to electric power, aligning with environmental sustainability goals and supporting local job creation. Elmer Francisco, Chairman of Francisco Motors, emphasized the joint venture's commitment to reviving the jeepney industry in an eco-friendly manner while enhancing the livelihoods of local Filipinos.
Francisco Motors, established in 1947, is recognized as the original jeepney manufacturer and is headquartered in Manila. The company has been leading efforts to shift to cleaner public transportation modes in the country.
VivoPower, an international sustainable energy solutions B Corporation, operates across multiple continents, providing decarbonization solutions to help customers achieve net-zero carbon status. Tembo, as part of VivoPower, specializes in electric utility vehicles for various industries, focusing on safety, reliability, and performance.
The joint venture between Tembo and Francisco Motors taps into a substantial market opportunity, with the potential to electrify over 200,000 existing jeepneys in the Philippines, representing a market value exceeding $10 billion.
This news is based on a press release statement and reflects the current business developments between Tembo and Francisco Motors, without speculating on future market trends or the broader industry impact.
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