Oldest Philippine Conglomerate Ayala to Invest in Green Vehicles
- CEO Zobel says overweighting sector undergoing disruption
- Ayala has acquired German auto supplier, partnered with KTM
Ayala Seeks to Take Advantage of Auto Sector Shift
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Ayala Corp., the Philippines’ oldest conglomerate, plans to invest $150 million in automobile manufacturing, taking advantage of a global move toward green cars as it expands outside its core businesses of property and banking.
“We see a shift taking place in the automobile sector -- the coming to an end of the combustion engine and the move to electronics as the main driver of cars,” Ayala Corp. Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala told Haslinda Amin in a Bloomberg Television interview on Friday.