The demand for electric vehicles has becoming more obvious. That is why titanic Asian industrial companies such as Ayala Corporation in the Philippines and Mahindra & Mahindra in India are now testing the waters in developing their own electric cars.
Ayala announced the move on Tuesday. Known as one of the largest business firms in the Pearl of the Orient, the corporation focuses on many areas like the banking and real estates, electric, and infrastructure business.
The company is currently in talks with four- foreign companies for manufacture, Nikkei reported. CEO Arthur Tan said that they are looking for another corporation to cater business for electric cars in Southeast Asia.
Ayala is already in ties with car companies like Honda and Volkswagen. But the demand for electric automobiles in the Philippines has been increasing, thus the decision to venture into the new industry as well.
Meanwhile, Indian company Mahindra & Mahindra take the leap as well. The company which is best known for diesel vehicles and farm equipment debuted the first mass-produced electric automobile called e20 in 2013 to some parts of the United Kingdom.
Chairman Anand Mahindra of Mahindra Group stated during a shareholder's meeting on Wednesday that they are planning to expand the business in Europe and North America even more. On the other hand, Chinese online entertainment company LeEco will not let the competitors win the game.
Despite having no experience about electric cars, the Chinese firm announced on Wednesday that they began making electric vehicles in Huzhou, Zhejiang Province.
So far, the biggest company that is known for shifting into the electric car industry is Apple. The Cupertino-based company has been hiring thousands of employees for their ongoing project called "Project Titan," noted Wall Street Journal.
Let us see which among Ayala, Mahindra & Mahindra, and other companies will succeed. Catch the latest updates about cars and technology here at AutoWorld News.
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