StateMotor Corp. invests P371M

MANILA, July 30 (PNA) -- StateMotor Corporation has proposed to invest P371 million for the assembly of commercial vehicles and parts manufacturing in the country.

Based on its application with the Board of Investments, StateMotor will participate under the Motor Vehicle Development Program under Classification II or the commercial vehicle category.

Its proposed plant is located in J. Aguilar Avenue , Pamplona, Las Piñas City.

Once completed, it will have an assembly capacity that could produce 500 units annually.

Start of full assembly production is expected on October 2010 while parts manufacturing is slated to start on July 2011. Manpower requirement for both production is 59 personnel.

To comply with the program, StateMotor entered into a Technical Licensing Agreement (TLA) for the Supply of KD Kits, KD parts and components with Great Wall Motor Company Limited (GWM) whose major products include sedan, SUV, Pickup and MPV series.

GWM has authorized StateMotor to locally assemble the Wingle 4x2, 4x4 pickups and the Hover 4x2 and 4x4 SUVs.

GWM is one of the largest automotive firms in China, with products sold to more than 120 countries and regions.

As China’s first private automobile enterprise listed on the Hong Kong Stock Exchange, it has more than 30 subsidiaries and over 22,000 staff members with an annual capacity of 400,000 complete vehicles and the capability to independently produce key parts such as engines as well as front and rear axles.

“With the local automotive industry experiencing an impressive growth in sales, the public will be more open to new entrants or alternatives such as this,” Trade Secretary and BOI Chairman Gregory L. Domingo said.

StateMotor is owned by State Properties Corp. led by Allen Roxas as Chair. (PNA)
LDV/BAC/utb